| {"url": "https://agbrief.com/news/malaysia/15/06/2023/malaysias-official-admits-online-gambling-players-are-protected-by-political-masters/", "title": "Malaysian official admits online gambling players are protected by political masters", "body": "-According to local media, Datuk Seri Saifuddin Nasution Ismail pointed out that \u201cpolitical patronage towards these gambling players (in the country) exists, providing influence and protection for corruption and bribery within the gambling sector. Consequently, the online gambling players are being protected by political masters, so no action can be taken against them.\u201dThe official also noted that the police are well aware of the strategies taken by these gambling operators.However, leaked information has impeded serious actions against them. The minister also acknowledged that this issue is the most challenging for the ministry, police, and government.The Malaysian gaming law has been in place for 70 years, since its enactment in 1953, and authorities lack provisions to address online gambling activities effectively, notes the official. Violators can avoid significant criminal charges by taking advantage of this legal loophole.The Malaysian Home Minister noted that a total of 2,119 gambling websites were blocked from 2021 until last month."} | |
| {"url": "https://agbrief.com/news/malaysia/26/04/2023/sarawak-minister-says-okay-to-casino-for-redevelopment-of-borneo-highlands/", "title": "Sarawak minister says okay to casino for redevelopment of Borneo Highlands", "body": "-Commenting on those opposed to the idea, Sarawak\u2019s tourism, creative industry, and performing arts minister Abdul Karim Rahman Hamzah stressed that \u201cthe casino would not be the only attraction earmarked for the redevelopment of the Borneo Highlands Resort as there would be other amenities such as a golf course and amusement park\u201d.\u00a0Sarawak\u2019s government took over Borneo Highlands Resorts last month, planning to return the property into its prime state after winning a lawsuit case involving the ownership. Introducing a casino to the property a possible option being discussed, but according to local media no official decision has yet been made. The same minister stated that \u201cwhether a casino will be part of the Borneo Highland resort, we will leave to the state government to decide\u201d.\u00a0Previously, the resort was operated jointly by Borneo Heights Sdn Bhd and the Sarawak government. However, the Sarawak government opted to terminate the agreement and assume full ownership.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/29/08/2021/genting-gives-first-figures-for-rwlv-says-food-and-casino-revenue-strong/", "title": "Genting gives first figures for RWLV, says food and casino revenue strong", "body": "-Genting Bhd. said revenue for the first six days of operations at its newly opened Resorts World Las Vegas came in at about $14.9 million, driven by \u201cvery strong\u201d casino and food and beverage operations.The Malaysian conglomerate opened the first new integrated resort in Las Vegas in more than a decade on June 24. The group has included its first six days of operations in its 2Q21 results, which were released on Friday.Genting said EBITDA during the period was $3.9 million, while the hotel operations were at 71.2 percent with an average daily rate of $239. The company opened its doors to a crowd of 20,000 visitors and more than 5,000 VIP guests. RWLV combines 3,506 guest rooms and suites across three hotels including Las Vegas Hilton, Conrad Las Vegas and Crockfords Las Vegas, over 40 food and beverage venues, world-class entertainment and innovative gaming technology, all prominently located on Las Vegas Boulevard. Additional amenities will be completed and opened in the third and fourth quarters, including The Theatre at Resorts World Las Vegas, Zouk Nightclub and the Spa. Total development and land costs incurred as of 30 June 2021 were approximately $3.9 billion.RWLV President Scott Sibella told AGB recently that the company is expecting 70 percent of its business to come from non-gaming amenities. \u201cGiven what we know about today\u2019s Las Vegas traveler, we\u2019ve seen somewhat of a paradigm shift and we\u2019re expecting 70 percent of our revenue to come from non-gaming amenities such as dining, entertainment and more,\u201d Sibella said. \u201cWhile we will offer an incredible casino experience unlike anything else on the Strip and welcome the traditional gaming customer, our property was designed to resonate well with all types of guests and interests.\u201dThe resort opened amidst a strong rebound in U.S. gaming, with Las Vegas reporting record revenues.The\u00a0Las Vegas\u00a0Strip saw its July GGR reach $793.7 million in the month, up 46.5 percent compared to the same period in 2019.\u00a0Analysts from Deutsche Bank weighed in on the surge, noting that on a sequential basis, this was a 30 percent increase in GGR from June and a 25.8 percent increase on a GGR per day basis.\u00a0Deutsche Bank said this was driven by a 35.8 percent increase in strip slot handle, and a 32.7 percent increase in table volumes compared to 2019.\u00a0Overall group revenue was RM2,93 billion, an increase of more than two-fold compared with theprevious year. The group, whose businesses also include plantations and oil and gas, posted adjusted EBITDA of RM958.9 million compared with a loss a year earlier of RM578.7 million on that basis. Genting said the improvement in its revenue came mainly from a turnaround in the leisure and entertainment business, which had been mostly closed in the same period a year earlier. "} | |
| {"url": "https://agbrief.com/news/malaysia/18/08/2021/genting-malaysia-resorts-to-open-in-november-maybank/", "title": "Genting Malaysia resorts to open in November: Maybank", "body": "-Analysts from Maybank Investment Bank are expecting a delay in the reopening of Resorts World Genting to November this year, following a surge in Covid-19 cases, local media reports.\u00a0The analysts had initially predicted that its casinos would reopen at the end of August, but its new forecast is based on when the country expects to achieve herd immunity.Genting Skyworld, however, is expected to open in December to coincide with the school holidays.\u00a0Genting\u2019s casinos in Malaysia have been closed since the end of May.Earlier this week, Malaysia\u2019s outgoing Prime Minister announced that the country will open up more sectors from Monday for individuals who are fully vaccinated as it aims to rebuild its economy.The government said the country administers around 400,000 vaccinates a day and is on track to attain herd immunity in October.\u00a0Looking ahead, Maybank analysts said it forecasts Genting Malaysia profit of MYR24.2 million in FY22 and MYR26.2 million in FY23.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/01/07/2021/malaysia-digital-banking-licenses-application-closes/", "title": "Genting applies for Malaysian digital banking license", "body": "-Malaysia\u2019s central bank, Bank Negara Malaysia, has closed its application period for five digital banking licenses it is expected to issue by the first quarter of 2022.The period ran until Wednesday, with previous reports indicating some 40 parties had expressed intent.These include casino operator Genting, as well as Malaysia state energy company Petrobas, and low-cost airline AirAsia.Reports indicate the licenses would have an asset threshold of no more than 3 billion ringgit ($722.62 million) for the first three-to-five years of operationThe move by the Malaysian government would open up its banking sector to non-financial players, and keep it on the forefront of the shift to cashless transactions and online lending in place in financial centers such as Hong Kong and Singapore.Nikkei Asia"} | |
| {"url": "https://agbrief.com/news/malaysia/15/07/2022/genting-malaysia-ramp-up-encouraging-but-inflation-a-concern-rhb/", "title": "Genting Malaysia ramp up encouraging, but inflation a concern: RHB", "body": "-According to ground checks, hotel rooms were fully booked at Resorts World Genting at the weekends, local media reported RHB as saying.\u00a0\u201cWe were also pleasantly surprised by the large casino crowd on a Wednesday afternoon. As Malaysia\u2019s and Singapore\u2019s borders have reopened, we think that RWG and Resorts World Sentosa (RWS) are likely ramping up efforts to attract tourists from the region,\u201d the firm said.RHB said that Malaysia is also likely benefiting from a weaker currency, which makes now makes it a cheaper destination for regional tourists. However, it adds that historically, about 80 percent of the resorts\u2019 clients are locals.\u00a0Despite the strong recovery, RHB notes that persistently high inflation rates may eat into discretionary consumer spending going forward. This could impact both gaming and non-gaming, it said.\u00a0RHB has an overweight rating on the gaming industry.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/24/05/2021/resorts-world-genting-casino-closed-as-covid-flares/", "title": "Resorts World Genting casino closed as Covid flares", "body": "-Resorts World Genting said it has closed its casino until further notice, while other facilities, such as shopping malls and food and beverage outlets will operate under restricted opening hours.The closure comes as Covid cases in Malaysia rise and the government tightens it movement control restrictions.Company statement\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/03/08/2022/maybank-revises-genting-malaysia-target-share-price-on-growth-expectation-in-fy22/", "title": "Maybank revises Genting Malaysia target share price on growth expectation in FY22", "body": "-The brokerage is bullish on the increase in the number of daily visitors which has increased significantly from 2.6k visitors daily in Feb-Mar 2022 to 3k-4k visitors daily from Apr 2022 onwards.Gaming is back on an upswing with traffic returning after the Omicron wave in 1Q22.RWG is buzzing once again post-Covid, mainly because gaming traffic has returned after the Omicron wave in 1Q22 which is expected to set the stage for a better 2Q22 in terms of earnings, the report read.\u00a0\u00a0\u201cFrom 8 Feb 2022 to 31 Mar 2022, Genting SkyWorlds (GS) welcomed 2.6k visitors daily.\u00a0 From 1 Apr 2022 till today, GS welcomed slightly higher 3k-4k visitors daily or only about half of our expectations,\u201d the report read.Asian operations of the company are one of the key contributors to the revenue matrix of Genting Malaysia.Non-members have been allowed to enter the casino since pre-Chinese New Year (1 Feb 2022) and social distancing requirements have been eased since Malaysia reached the endemic stage on 1 Apr 2022.Genting Malaysia owns and operates Resorts World Genting, the only integrated resort in Malaysia. Also owns casinos in the Egypt, UK, US and Bahamas.Resort World Genting (RWG) operations has taken hit due to Labor shortage saturation in Malaysia presenting a hindrance to the property\u2019s recovery to the pre-covid levels.\u00a0\u00a0\u00a0\u00a0However Indonesia has agreed to lift its ban on sending its citizens to Malaysia to work from 1 Aug 2022 which is expected to ease the labour shortage, the brokerage report said.Whereas Genting SkyWorlds (GS) is taking time to ramp up.\u201cGenting SkyWorlds (GS) is taking time to ramp up while other Resorts World Genting (RWG) operations are being limited by labour,\u201d the brokerage report read.Anticipating the slow and steady growth in routine business operations, the brokerage maintains a more sanguine view.Earnings per share for Genting Malaysia has been revised by the brokerage to 30 percent plus for FY22, whereas 7 percent plus for FY23 and FY24.The financial matrix remains attractive for FY23 and FY24, the brokerage report read.EBITDA wise, Maybank advocates forecast FY22 EBITDA to recover by 349% YoY..The FY23 EBITDA forecast is expected to benefit from RWG\u2019s Genting SkyWorlds theme park ramp-up and the brokerage anticipates 42% YoY growth in FY23 EBITDA.Maybank forecasts FY24E EBITDA to grow by 3% YoY as the COVID-19 pandemic fully subsides.Fueling the anticipated growth trajectories for Resorts World Genting (RWG) is the expansion via the Genting Integrated Tourism Plan (GITP), which is aimed to attract higher visitor arrivals to RWG \u2013 the purpose of the GITP is to attract more high margin mass market gamblers.VIP gamblers and mass market mix is expected to impact the growth parameters of GEM because tilt towards the mass market will expand margins due to less commissions and rebates.RWG has poached some experienced theme park staff from Sunway Lagoon, part of the Sunway Group to ensure better operations at Genting SkyWorlds.Three more rides will be added at Genting SkyWorlds this year, bringing the total number of rides to 18 by year\u2019s end.GENM also stated that it introduced a \u2018rainy day guarantee\u2019 which allows for a free return within 12 months from a visit to GS marred by rain, which has been much welcomed, the brokerage report states.International businesses of GENM are recovering faster than RWG, Maybank notes.Its international businesses\u2019 earnings have recovered to pre-Covid levels from a combination of revenues returning to or close to pre-Covid levels and fewer staff.Barring a full blown global recession, GENM expects its international businesses to be stable going forward.Overall GENM envisages slow and steady recovery post-covid across its global operations with RGW to remain the anchor.GENM shares 52 week high touched 3.28 MYR and 52 week low was at 2.68 MYR per share"} | |
| {"url": "https://agbrief.com/news/malaysia/10/03/2022/genting-ramping-up-global-operations-as-covid-fears-ease/", "title": "Genting ramping up global operations as Covid fears ease", "body": "-Genting Malaysia said it would progressively roll out remaining attractions at Resorts World Genting and ramp up operations elsewhere as borders open and Covid fears ease.\u00a0Executives from the Malaysian conglomerate gave a corporate presentation at the Nomura ASEAN Virtual Conference last week, as reported by The Edge.Genting Malaysia said it will also proactively manage the group\u2019s cost structure to adapt to the changing operating environment.Malaysia has said it will reopen international borders from April 1st, while rising vaccination rates at home will also support domestic travel. Although the country\u2019s Muslim population is not permitted to gamble, other segments of society have supported growth at the resort.It recently opened its SkyWorlds outdoor theme park, which was the crowning glory of a major overhaul of the property.In the U.S., the company said its slot gaming hall, Resorts World Hudson Valley, in Orange County, is on track to open in summer this year.\u00a0In New York , a new Hyatt Regency JFK Airport will also be a key driver for growth. It also plans to leverage synergies between Resorts World New York City and Resorts World Catskills to grow its market presence.Genting has been expanding its presence in North America, where gross gambling revenue has now exceeded pre-pandemic levels, and is expected to seek a full casino license in downstate New York.\u00a0The New York State Gaming Commission is expected to submit a report to the governor and state legislature by June, to be followed by a Request for Applications. As many as three new licenses are expected to be issued from 2023.\u00a0Genting Malaysia recently reported that it returned to profit in 4Q21 as revenue surged following easing Covid restrictions and said it was paying a special dividend to shareholders.The Malaysian operator reported net profit of RM124 million ($29.5 million) compared with a loss of RM285.1 million in the same quarter a year earlier. There was an 81 percent jump in revenue in the quarter to RM1.88 billion.\u00a0Adjusted EBITDA was RM738.1 million, more than four times the level reported in the same quarter last year.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/18/12/2020/new-norms-and-little-luxuries/", "title": "Danny Too: New norms and little luxuries", "body": "-The pandemic that brought the world to a standstill, making people evaluate their priorities in life. It is a time when wearing a mask is a \u201cnorm\u201d and being able to fly without going through a quarantine is a \u201cluxury\u201d. Attending virtual gaming events and webinars seemed really \u201cweird\u201d and \u201cinteresting\u201d at the same time.There will be a lot of interesting new norms on the horizon and a time to make up for lost time of 2020 due to the pandemic. A year where you need to deliver as you will most probably be well-rested by the time we usher in Year 2021. Year 2021 will be a year where we will learn to cherish small little things that seemed insignificant prior to this ravaging Covid-19 pandemic.\u00a0*Danny Too, General Manager Cherry Interactive"} | |
| {"url": "https://agbrief.com/news/malaysia/17/03/2021/genting-malaysia-buys-back-more-stock/", "title": "Genting Malaysia buys back more stock", "body": "-Genting Malaysia has bought back more of its own stock, purchasing MYR4.4 million worth of stock at a price between MYR3.11 and MYR3.15 each. It\u2019s the second buyback in two weeks.Genting Malaysia company filing"} | |
| {"url": "https://agbrief.com/news/malaysia/28/01/2022/genting-skyworlds-gets-thumbs-up-from-analysts-despite-initial-loss-predictions/", "title": "Genting Skyworlds gets thumbs up from analysts despite initial loss predictions", "body": "-Genting Malaysia\u2019s long-delayed Skyworlds theme park has been given a thumbs up from analysts who were given a sneak preview of the attraction on Thursday.\u00a0\u201cWe think that the park is well-conceptualised, has a good mix of attractions for all ages, and is likely to be a crowd puller to the highlands resort,\u201d Nomura wrote in a note.The park is estimated to have cost $800 million and has been in the works for almost a decade on legal issues and subsequently Covid. It\u2019s the central plank in a revamp of the Resorts World Genting property.\u00a0Maybank says the park is likely to be loss making initially due to heavy depreciation costs, but is forecast to add MYR120-180 million in the longer term.The park is now expected to open between mid and late February.The analysts said they rated the park highly, with special mention going to its Independence Day Defiance attraction.\u00a0Maybank said it expects the park to attract 3.0 million patrons this year, making it the second most visited theme park in ASEAN.\u00a0Longer-term, Maybank sees the park driving visitor arrivals of about 26 to 27 million a year, above the pre-Covid high of 24 million for Resorts World Genting.\u00a0\u201c We believe that the park by itself might not be profitable due to startup costs such as depreciation and interest on debt, but it is likely to be a highly effective \u201closs-leader\u201d to attract more family groups to the resort, which can boost other forms of revenue such as hotels, gaming and shopping,\u201d Nomura wrote."} | |
| {"url": "https://agbrief.com/news/malaysia/30/05/2023/rgb-international-reports-profit-of-2-3-million-for-1q23/", "title": "RGB International reports profit of $2.3 million for 1Q23", "body": "-In its 1Q23 results announcement, RGB\u00a0outlined the improved performance, with its consolidated revenues rising by 197 percent year-on-year to RM95.2 million ($20.7 million). However, revenues were down 21 percent compared to the 4Q22.The Sales and Marketing segment revenues jumped 367 percent, to RM69 million ($15.0 million), with profit up 345 percent to RM10.4 million (US$2.3 million), mainly due to an increase in number of products sold, the company stated.The revenue for the Technical Support and Management (TSM) division increased by 52 percent, at RM25.6 million ($5.6 million), due to better performance and an increase in operating capacity in most of the outlets.Regarding Engineering Services, RGB reported that its revenue rose by 486 percent, to RM533,000 ($116,000).RGB International mentions in the quarterly results that the tourism and hospitality industries are \u201cexpected to continue recovering\u201d, aided by the increase in international travellers, especially in the regions where the Group operates.\u201cBased on the favorable market outlook, the Group expects to perform better in financial year ending 31 December 2023, backup by the strong orders secured to date, despite facing inflationary pressure on its operating costs,\u201d notes the company.Hong Kong-listed International Entertainment, a gaming and hotel operator in the Philippines, recently announced that it is purchasing a further 382 slot machines from RGB for some $5.73 million, to be placed in its New Coast Hotel Manila property."} | |
| {"url": "https://agbrief.com/news/malaysia/09/07/2023/ex-research-chief-of-jp-morgan-malaysia-now-leads-rgb/", "title": "Ex-research chief of JP Morgan Malaysia joins RGB", "body": "-Malaysian-based electronic gaming machine manufacturer RGB announced the appointment in a filing with Bursa Malaysia on Thursday (July 6th), saying that Ng has nearly 20 years of experience in the finance market.\u00a0According to information provided by the firm, Ng was head of equity research at the Malaysian unit of investment bank JP Morgan from August 2020 until June 2023.Ng worked for Deutsche Bank in Singapore as a director and as an equity strategist for the market, covering the countries that make up the Association of Southeast Asian Nations (ASEAN) from 2015 to 2019.He was also with Bank of America Merrill Lynch \u2013 now known as Bank of America and BofA Securities \u2013 from 2005 until 2014.RGB International has reported profit growth of 418 percent yearly, to RM10.5 million ($2.3 million), for the quarter ended March 31st, 2023.In its 1Q23 results announcement, RGB outlined the improved performance, with its consolidated revenues rising by 197 percent year-on-year to RM95.2 million ($20.7 million). However, revenues were down 21 percent compared to 4Q22."} | |
| {"url": "https://agbrief.com/news/malaysia/19/10/2023/online-gambling-is-an-offense-malay-court/", "title": "Online gambling is an offense: Malay court", "body": "-According to reports, the decision was made by Court of Appeal judges, who rejected a request by a former gambling house operator.The ruling comes in regard to an online gambling location without physical equipment.It specifies that \u201cthere is no requirement in the law for the equipment to exist physically on the premises\u201d.\u201cWhat\u2019s more, in this case, computers and laptops are considered \u2018gaming machines.\u2019 Even though technology is advancing, Act 289 is applicable to any form of more sophisticated equipment in line with technological progress,\u201d stated the Deputy Public Prosecutor, as cited by MalayMail.\u201cIn conclusion, premises for online computer gambling without any physical equipment fall within the definition of a \u2018common gaming house\u2019 under Section 2(d) of the Common Gaming Houses Act 1953,\u201d stated the official."} | |
| {"url": "https://agbrief.com/news/malaysia/#login-form", "title": "Malaysia", "body": ""} | |
| {"url": "https://agbrief.com/news/malaysia/02/11/2021/genting-u-s-operations-maintain-momentum-to-support-group-earnings-nomura/", "title": "Genting U.S. operations maintain momentum, to support group earnings: Nomura", "body": "-Genting Group\u2019s U.S. operations are maintaining their post-Covid recovery momentum and will continue to provide a positive contribution to earnings, Nomura said.In a monthly review of the group\u2019s U.S. operations, Nomura said the three properties were continuing to generate strong revenue despite a recent uptick in Covid cases. Genting Malaysia owns Resorts World New York City and 49 percent of Resorts World Catskills, while the parent company owns 100 percent of Resorts World Las Vegas, which opened in June. \u201cWe believe that the US casinos have managed to sustain their revenue momentum in spite of the recent spike in COVID cases, with GGRs in most cases already above pre-COVID-19 levels,\u201d Nomura said. \u201cThis is all the more encouraging as inbound tourism to the US, especially from Asia, has only recently started to pick up.\u201d The firm, which has a buy rating on the Malaysian group\u2019s stocks, said three-month gross gambling revenue at the end of September was $230 million, flat sequentially despite September having been the peak of the latest Covid wave in New York. Revenue is 4 percent higher than pre-Covid levels for the same period.The resort had 6,477 video gaming machines in operation, compared with a capacity limit of 6,500.Resorts World Catskills reported a 28 percent gain in sequential GGR to $64.5 million, 5 percent higher than pre-Covid levels. Nomura said resort-level GGR data isn\u2019t available for the Las Vegas property, but said Nevada as a whole indicates strong pent-up demand. State-wide GGR for the three months was $3.68 billion, up 6 percent sequentially and 59 percent year-on-year. This is 21 percent higher than in 2019. On the Strip demand is up 18 percent sequentially and 25 percent higher than pre-pandemic levels. \u201cWe think the next catalyst for the group will be the start of inbound international tourism in their home markets (Malaysia / Singapore).\u201dSingapore is gradually opening its borders despite rising Covid cases, recently announcing travel corridors with South Korea and Australia as well as quarantine-free travel for other highly vaccinated nations. Malaysia is studying pilot openings focused on islands such as Langkawi, however, Genting\u2019s Malaysian property receives strong support from the local market. Interstate travel is now permitted again and Resorts World Highlands reopened at the end of September. "} | |
| {"url": "https://agbrief.com/news/malaysia/06/01/2021/malaysian-government-ups-special-lottery-draws-to-22/", "title": "Malaysian government ups special lottery draws to 22", "body": "-The Malaysian government has reinstated the number of special lottery draws that can be carried out each year to 22, up from eight last year, to raise extra revenue following the pandemic.Malaysia government increases special draws despite Islamist ally\u2019s anti-gambling stance (Straits Times)"} | |
| {"url": "https://agbrief.com/news/malaysia/15/06/2022/genting-group-to-pay-12m-to-settle-lawsuit-over-empire-resorts-buyout/", "title": "Genting Group to pay $12m to settle lawsuit over Empire Resorts buyout", "body": "-Bloomberg Law reports that the case also included former Empire board members and awards $3 million in legal fees. The news comes from court filings made in a Delaware court on Tuesday.\u00a0The investors had claimed that the $9.74 a share transaction in 2019 was the result of pressure from the Malaysian operator and its affiliates.\u00a0The Malaysian company announced in August 2019\u00a0 that it planned to take the lossmaking Empire private. Under the terms of the agreement, Genting acquired 13.2 million shares in Empire from its single largest shareholder, Kien Huat Realty III for $128.6 million. The 13.2 million shares represent around 46 percent of Empire\u2019s common stock.Empire operates Resorts World Catskills.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/29/12/2020/resorts-world-genting-open-not-affected-by-nearby-restrictions/", "title": "Resorts World Genting open, not affected by nearby restrictions", "body": "-Resorts World Genting says it remains open and is not part of a nearby area that is subject to an Enhanced Movement Control Order.Company filing"} | |
| {"url": "https://agbrief.com/news/malaysia/17/02/2022/maybank-upbeat-omicron-wont-pose-major-challenge-for-malaysia-gaming/", "title": "Maybank upbeat Omicron won\u2019t pose major challenge for Malaysia gaming", "body": "-Malaysia is currently going through a spike in Covid cases due to the Omicron variant, though Maybank says it\u2019s cautiously optimistic the impact on the gaming industry will be limited this time around.Analyst Samuel Yin Shao Yang points to the relatively low mortality rate from this version of the virus and studies the impact on gaming and leisure in Australia, the U.K. and the U.S., which have all gone through a massive spike in cases due to the variant.\u00a0\u201cTo our positive surprise, interest in retails and recreational activities, (which presumably includes gaming) in each of the three countries was only impacted in a minor way,\u201d he said. \u201cPositively, Las Vegas Strip gross gaming revenues continue to trend strongly.\u201dMaybank has a positive view for the prospects of the industry in Malaysia, concluding that Malaysians are still inclined to participate in gaming as long as the risk of serious health implications is low.\u00a0The firm analyzed the gross jackpot sales for the country\u2019s Number Forecasting Operators and found that they continue to trend strongly.Malaysia\u2019s Covid cases hit a six-month high this week, reaching 24,340 on Monday. In prior outbreaks, such levels would have triggered draconian lockdown measures.\u00a0Malaysia has said it will reopen its doors for quarantine-free travel for vaccinated travelers from March 1st as it seeks to reboot tourism. It has also re-established vaccinated travel lane corridors with neighboring Singapore, however, there is a quota system in place meaning that traffic is nowhere close to pre-pandemic times.However, that\u2019s not a major issue for the country\u2019s only integrated resort \u2013 Genting Malaysia\u2019s Resorts World Genting \u2013 which is one of the few in Asia that is not reliant on tourists for revenue due to a strong domestic client base.Although local muslims are not allowed to gamble, the country has a highly diverse population, with Chinese making up 22.4 percent and ethnic Indians accounting for around 6.8 percent.\u00a0Genting Malaysia recently opened its long-awaited SkyWorlds theme park, which is expected to be a strong driver for visitation,\u00a0The RM10.38 billion ($2.46 billion) Genting Integrated Tourism Plan (GITP), as it is known, involved the addition of new hotel rooms, expansion of the casino floor, as well as more retail and food & beverage. The initial investment was slated to be MYR5 billion, though the company announced it had doubled its spending plans in 2016.Genting has estimated that the park will help boost visitation to the resort to 30 million in the longer term, compared with the pre-Covid high of 24 million in 2019. Maybank has said it\u2019s more conservative and expects the park to help attract 26-27 million visitors.\u00a0The park itself is forecast to be loss making due to the high depreciation costs involved, which will run at about MYR330 million per annum, assuming a 10 percent rate.\u00a0However, the increased visitation will drive further spending in other areas of the property, including gaming.\u00a0According to Maybank\u2019s analysis, the extra two to three million visitors a year relative to the pre-Covid high may add between MYR120 million and MYR180 million in annual EBITDA. Its forecast is based on average mass market gambling revenue per patron of MYR150.\u00a0Other investment analysts are also bullish about the prospects for Genting Malaysia this year, predicting a return to profit after Covid-induced losses in 2021.RHB Investment Bank said recently that it expects both Genting and Genting Malaysia to return to profitability in 2022, despite the potential downside risk from Omicron on earnings recovery.\u00a0\u201cMany countries are now better equipped and nimble in handling the pandemic. Coupled with the massive cost rationalisation efforts undertaken previously by the casino operators, these should partially cushion the impact. Both the casino operators will resume recovering after the Covid-19 situation stabilises,\u201d said the brokerage, in a report picked up by The Edge Markets.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/14/04/2021/105751/", "title": "HLIB sees long-term positive growth for Genting Malaysia, ups rating", "body": "-Hong Leong Investment Bank Research has added its voice to analysts predicting a strong longer-term comeback for Genting Malaysia, upping its rating from a \u201chold\u201d to a \u201cbuy.\u201dWhile the recovery this year may be slower than predicted due to continuing interstate travel banks, 2022 is expected to see \u201cexponential year-on-year\u201d growth. Key drivers will be the opening of the company\u2019s new outdoor amusement park later this year and improvement in travel.HLIB turns positive on long term prospects for GenM (The Edge Markets)"} | |
| {"url": "https://agbrief.com/news/malaysia/18/03/2021/resorts-world-lv-seen-generating-350m-revenue-in-2022/", "title": "Resorts World Las Vegas seen generating $350m revenue in 2022", "body": "-Resorts World Las Vegas is expected to generate revenue of $350 million in 2022 and EBITDA of $82 million in its first full year after opening this summer, according to Nomura Research.For 2023, the firm is estimating revenue of $477 million and EBITDA of $112 million, basing its model on more than 20 large Las Vegas strip casinos\u2019 financials.However, Nomura warns the new $4.3 billion resort will be a drag on net profit after tax in the initial post-Covid years due to the high costs.For the group as a whole, Nomura says that Malaysian operations will get an EBITDA boost in 2022 due to vaccinations and the new theme park, while 2021 will be bump. Earnings in Singapore will plateau in the first half before travel bubbles.UK operations will remain subdued until mid-May reopening and New York city will remain on a gradual improvement path to to an increase in machine counts.The Bahamas and Catskills will remain loss making in the medium term and may ultimately need more capital injections."} | |
| {"url": "https://agbrief.com/news/malaysia/01/06/2021/resorts-world-genting-closed-down-as-malaysia-goes-into-lockdown/", "title": "Resorts World Genting closed as Malaysia goes into lockdown", "body": "-Genting Malaysia\u2019s Resorts World Genting has now been completely closed to the public after Malaysia entered total lockdown to control its latest Covid outbreak.Only essential services remain in operation.Malaysia began a lockdown of at least two weeks from Tuesday as the country battles one of the highest rates of infection in the region, due to new variants.Resorts World statement"} | |
| {"url": "https://agbrief.com/news/malaysia/23/02/2022/berjaya-assets-sued-for-pulling-out-of-lottery-company-acquisition-deal/", "title": "Berjaya Assets sued for pulling out of lottery company acquisition deal", "body": "-Malaysia-based Berjaya Assets Bhd is being sued for RM97.6 million (US$23.3 million) for pulling out of an agreement in 2020 to acquire the remaining stake in a gaming firm that operates number forecast lotteries in Sarawak.\u00a0According to The Edge Markets, the plaintiff is a company called Violet Circle Sdn Bhd, who alleges that a wholly-owned unit of Berjaya Assets, Tropicfair Sdn Bhd had inked a share sale agreement with Violet Circle for the acquisition in July 2016, but called off the deal in mid-2020.\u00a0However, Berjaya says its unit had given notice to the plaintiff about the recission of the share sale agreement on the grounds that Megaquest, the lottery operator, had been substantially impaired and thus the share sale agreement has suffered a material adverse change.\u00a0\u201cFollowing the said rescission, as disclosed in the Annual Report 2020, the forfeited deposit and liquidated ascertained damages incurred in the company\u2019s consolidated financial statements totalled RM10.8 million. Under the circumstances, Tropicfair avers that it is not liable for payment of the said sum to the plaintiff,\u201d said Berjaya.The company said it \u201cwill vigorously defend and oppose any claims\u201d by Violet Circle."} | |
| {"url": "https://agbrief.com/news/malaysia/30/11/2020/rgb-sees-slow-recovery-posts-narrower-q3-loss/", "title": "RGB sees slow recovery, posts narrower Q3 loss", "body": "-RGB International, a Malaysian gambling supplier, said it sees a slow recovery for gaming in Asia and remains cautious for the rest of the year. The company posted a loss of MYR12.4 million in Q3, narrowing from MYR14.4 million the prior quarter.RGB Q3 results (Company filing)"} | |
| {"url": "https://agbrief.com/news/malaysia/04/01/2022/genting-u-s-3-month-ggr-performance-solid-despite-rising-covid-nomura/", "title": "Genting U.S. 3-month GGR performance solid despite rising Covid: Nomura", "body": "-Genting Group\u2019s U.S. resorts managed to keep their revenue momentum in November, despite rapidly rising Covid cases, with gross gambling revenue remaining above 2019 levels, according to Nomura Research.At Resorts World New York City, GGR in the three months to end-November was $222 million, down 3 percent sequentially and up 2 percent from the same period pre-Covid in 2019. It had 6,447 operational machines, close to the maximum capacity of 6,500. Resorts World New York City is 100 percent owned by Genting Malaysia.Resorts World Catskills, which is 49 percent owned by Genting Malaysia, 3-month GGR was $60 million, down 1 percent sequentially and 16 percent higher than pre-Covid levels.Operating data for Genting\u2019s Resorts World Las Vegas, which opened in June, is not available, but based on statewide and Las Vegas figures, Nomura notes strip revenue was $2.1 billion, up 3 percent and up 94 percent year-on-year. This is 28 percent higher than pre-Covid GGR.Nomura noted that the recent Omicron variant surge and the winter season might produce weakness in GGR. The New York and Catskills properties also recently imposed mass mandates for all guests.The firm said Genting\u2019s diversification will help cushion the impact of Covid restrictions at home.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/05/07/2023/meta-working-with-malaysian-authorities-to-combat-online-gambling/", "title": "META working with Malaysian authorities to combat online gambling", "body": "-According to official statistics, losses suffered by Malays through META\u2019s operating platforms \u2013 namely Facebook, Instagram and WhatsApp \u2013 totalled some RM330 million ($70.94 million) in just the first five months of the year.The figure amounts to a 25 percent increase over the total registered in 2022.This comes after a late June announcement by authorities that they would be taking legal action against META over its failure to remove \u2018undesirable\u2019 posts on its platforms \u2013 this includes sensitive race and religion-related content.In an about turn less than two weeks later, META has now pledged to work with Malay authorities, in particular the Communications and Digital Ministry and Malaysian Communications and Multimedia Commission, alongside the police."} | |
| {"url": "https://agbrief.com/news/malaysia/27/06/2022/rgb-targets-1000-machine-sales-eyes-profit-this-year/", "title": "RGB targets 1000 machine sales, eyes profit this year", "body": "-Managing Director Datuk Seri Chuah Kim Seah was cited as saying by The Star newspaper that 400 machines had already been delivered to customers in Malaysia, Vietnam and the Philippines.Under its TSM business, the group is targeting to lease out about 5,000 gaming machines to casinos and clubs in Cambodia, Laos, Vietnam, Timor Leste and the Philippines.\u201cIn the Philippines, we expect to lease out more than 2,800 units with a value of more than US$40mil (RM176mil) this year.\u201cTwo more clubs are opening in the Philippines that will require another 270 machines from the TSM segment. The Philippines is our biggest market,\u201d Chuah was reported as saying.\u00a0The Malaysian company posted a loss of MYR3.31 million in 1Q22, narrowing from MYR4.78 million a year earlier.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/10/11/2022/fitch-predicting-strong-recovery-by-genting-malaysia-into-2024/", "title": "Fitch predicting strong recovery by Genting Malaysia into 2024", "body": "-The estimates are based on recovery in the Malaysia and US markets, as well as a \u2018slower \u2013 but steady \u2013 EBITDAR recovery in Singapore\u2019 due to the \u2018higher dependence on foreign visitors and the hit from an increase in gaming tax from 2Q22\u2019.Genting Malaysia operates Malaysia\u2019s only licensed casino, Resorts World Genting, outside Kuala Lumpur, as well as casinos in the United States, and the UK. It\u2019s a subsidiary of Malaysian conglomerate Genting Bhd.The firm is also bidding for one of the six casino concession up for grabs in Macau \u2013 competing against Macau\u2019s current six gaming concessionaire holders, having submitted a failed bid 20 years ago when Macau first liberalized its gaming industry.It currently holds a 40 percent interest in a hotel under development in the SAR.The group notes that it expected the group\u2019s Malaysia revenue, which formed nearly 70 percent of Genting Malaysia\u2019s pre-pandemic consolidated revenue, to reach over 75 percent of 2019 levels this year, rising to 95 percent in 2023.After pandemic measures were lifted in the country in April of this year, \u2018recovery should be aided by a limited reliance on foreign visitors and additions to the new Genting SkyWorlds theme park by 4Q22\u2019.The group\u2019s second-quarter revenue spiked almost two and a half times on a year-on-year basis, reaching MYR2.18 billion ($470 million).Cuts to the company\u2019s Malaysia workforce, in 1H22, by 35 percent and limited hiring expectations, as well as \u2018better operational efficiency\u2019 and plans to improve yields \u2018will enable its EBITDAR margin to remain above the 2019 level, despite the impact of wage inflation and higher spending on marketing and promotional activities,\u2019 note the analysts.Average spending by Genting Malaysia is expected to total MYR800 million between 2022 and 2024 \u2018driven mainly by maintenance capex and minor upgrades and additions, as most of the projects under a multi-year redevelopment plan for Resorts World Genting have been completed,\u2019 notes the agency.Fitch is also expecting the group\u2019s capex commitment in Singapore between 2022 and 2024 to be \u2018back-ended\u2019 and amount to SG$2 billion ($1.43 billion). This comes as it predicts the group\u2019s Singapore revenues to \u2018remain 35 percent below the 2019 level\u2019, rising to 10 percent below 2019 levels next year and set to be par with 2019 in 2024. Genting Singapore had pledged to invest SG$4.5 billion ($3.14 billion) in the expansion of Resorts World Sentosa, as part of the extension of the company\u2019s casino license until 2030.Regarding the group\u2019s Resorts World Las Vegas casino, it expects EBITDAR to ramp up to $350 million by 2025, \u2018delayed by around nine months from our previous expectation\u2019 following the property\u2019s opening in June 2019. \u2018We think strong visitor inflow into Las Vegas will boost revenue and EBITDAR over the next two years\u2019, following high hotel occupancy in 2Q22 of almost 90 percent."} | |
| {"url": "https://agbrief.com/news/malaysia/26/11/2020/genting-malaysia-confirms-worker-positive-for-covid-19/", "title": "Genting Malaysia confirms worker positive for Covid-19", "body": "-Genting Malaysia\u2019s Resorts World Genting said one of its security workers has tested positive for Covid-19 during routine health screening protocols. The company said the worker is receiving treatment at a government hospital and did not interact with guests.Confirmed case of Covid-19 at Gentings Highlands (Company release)"} | |
| {"url": "https://agbrief.com/news/malaysia/26/05/2021/genting-malaysia-flags-potential-theme-park-delay-posts-wider-q1-loss/", "title": "Genting Malaysia flags potential theme park delay, posts wider Q1 loss", "body": "-Genting Malaysia posted a wider loss for Q1 and flagged a potential delay in the opening of its outdoor theme park due to ongoing Covid restrictions in the country.The net loss came in at MYR501.3 million, compared with MYR453.9 million a year earlier. Revenue dropped 68 percent to MYR623.3 million.\u201cWhile the group continues to work towards the completion of Genting SkyWorlds outdoor theme park in the third quarter of 2021, the opening date of the park is dependent on developments surrounding the COVID-19 situation and its impact to the leisure and hospitality sector in the country,\u201d it said."} | |
| {"url": "https://agbrief.com/news/malaysia/08/03/2021/genting-sues-insurers-in-u-s-over-covid-19-losses/", "title": "Genting sues insurers in U.S. over Covid-19 losses", "body": "-Genting Group-owned Resorts World Casino New York City and Miami Hilton have filed a suit against more than a dozen insurers claiming they wrongly denied coverage for some US$500 million in losses to the two resorts during the Covid-19 pandemic.Genting Americas sues insurers to claim $500m in losses at two resorts (The Edge Markets)"} | |
| {"url": "https://agbrief.com/news/malaysia/11/03/2021/genting-malaysia-buys-back-1-5m-in-stock-on-open-market/", "title": "Genting buys back US$1.5 million in stock on open market", "body": "-Genting Malaysia Bhd (GenM) bought back two million shares on the open market for a total of RM6.31 million (US$1.5 million), with the price ranging between RM3.15 and RM3.16, according to a filing with the local stock exchange today.Genting stock exchange filing"} | |
| {"url": "https://agbrief.com/news/malaysia/26/11/2021/genting-malaysia-to-see-brighter-future-after-3q-earnings-blip-nomura/", "title": "Genting Malaysia to see brighter future after 3Q \u201cearnings blip\u201d: Nomura", "body": "-Genting Malaysia\u2019s earnings are likely to improve in 4Q21 and next year, after a \u201cblip\u201d in the third quarter, as its new theme park comes online and borders reopen, Nomura said.The Malaysian operator reported a 42 percent drop in 3Q21 revenue to MYR826.3 million ($194.8 million), while its net loss narrowed to MYR289 million from MYR705 million a year earlier. The group got strong support from its overseas operations, but Covid lockdowns at home pushed its Malaysian operation to an EBITDA loss of MYR165 million from a profit of MYR425 million a year earlier.The group as a whole was EBITDA-positive at MYR62 million, down from MYR301 million a year earlier. The \u201c3Q21 numbers were better than 2020\u2019s worst quarter (2Q20), when even the overseas operations were shut and the cost base was higher,\u201d Nomura said. \u201cWe remain positive on GENM, as we believe that investors are likely to look beyond the 3Q21 blip towards a brighter 4Q21F and FY22F, led by the opening of the resort, new attractions, and gradual international border reopening for Malaysia.\u201dNomura said it was maintaining its buy recommendation on the shares with a target price of MYR3.50.The Genting Highlands Resort was open for just one day in the quarter, although is now seeing a strong recovery since reopening in October, with visitation particularly strong at the weekend.Nomura said management appears to be targeting a year-end opening for its new outdoor theme park, which is expected to be a key driver for growth. The long-delayed park is the center piece in a multi-billion revamp of the resort. Malaysia is considering opening its borders to international travellers on January 1 next year in a bid to accelerate the country\u2019s economic recovery, while the land border with Singapore it expected to open on Nov. 29th. In 3Q21, the U.S. operations were the best performers, with all of the properties open during the quarter. Revenue from the U.S. and Bahamas, where the group operates Resorts World Bimini, soared 421 percent to MYR364 million. Resorts World New York City reported gross gambling revenue of $230 million, stable from the prior quarter, while the share of its loss from its Resorts World Catskills property narrowed to MYR30.9 million, compared with MYR62 million in the prior-year period. Nomura said New York State may be willing to entertain having casinos downstate and has called for a request for information from interested parties. This process will be wrapped up by mid-December, however New York can only issue licenses from 2023.Genting is likely to bid aggressively if the opportunity arises to turn Resorts World New York, which only offers electronic games, into a full-fledged casino. Revenue from the U.K. and Egypt was up 209 percent from the prior year at MYR406 million and up 119 percent sequentially. "} | |
| {"url": "https://agbrief.com/news/malaysia/21/10/2020/asia-turns-up-heat-on-online-gambling/", "title": "Asia turns up heat on online gambling", "body": "-Singapore police have busted at least two illegal gambling operations in the past week, while across Asia authorities have moved to stamp out illicit activities, from raids on premier league matches in India, to illegal number forecasting in Malaysia.It\u2019s a perennial problem and the volume of enforcement activity tends to ebb and flow depending on external factors, such as major sporting tournaments. Since the India Premier League restarted in mid September, the arrests for illegal operations have come thick and fast, with almost daily reports of action across the country.While most of the focus recently has been on China\u2019s high-profile threats targeting capital outflows from gambling, there has been plenty of enforcement activity elsewhere.In some of the latest raids, Singapore police arrested a total of 35 people over the past week suspected of running two separate illegal gambling operations.\u00a0Anyone found guilty of providing remote gambling services in Singapore can be jailed for up to five years or fined between $20,000 and $200,000. Those found to be in a common gaming house can be jailed for up to six months or fined up to $5,000.The stiff penalties don\u2019t seem to be acting as a deterrent. A little under a month ago, an 80-year-old woman was among 33 arrested for gambling in a condo unit at 3 am in the morning.Malaysian police have been wagering war on online gambling for years, stepping up their actions from Sept. 2017, saying this time it\u2019s war. Authorities have ensnared a fair number of police and officials accused of protecting the online gambling networks during their operations.In Malaysia, the legal number forecasting business is being hit hard by illegal gambling. According to a report in The Star, the government may be missing out on about MYR3 billion ($724 million) a year in tax revenue due to the illegal operations, which are said to be expanding.\u00a0According to CIMB Research, illegal NFOs have been the main drag on legal operations, such as Berjaya Sports Toto, since 2010. In the first seven months of this year, there were 3,015 raids on illegal gambling dens in Malaysia, the report said.There surely comes a point when authorities realize that they could raise substantial sums of money from legalizing the industry in Asia and save money on the enforcement operations, which clearly are not working.\u00a0\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/15/08/2021/malaysia-relaxing-measures-for-vaccinated-individuals-as-pm-resigns/", "title": "Malaysia relaxing measures for vaccinated individuals as PM resigns", "body": "-Malaysia\u2019s outgoing Prime Minister has announced that the country will open up more sectors for individuals who are fully vaccinated as it aims to rebuild its economy. The new guidelines take effect on Monday, including numerous types of stores, which the official notes should \u201coffer some emotional and mental relief\u201d. It\u2019s unclear yet how the relaxing of measures will affect casinos, however, a check across the websites of Genting\u2019s Malaysian casinos show they are still temporarily closed until \u201cfurther notice\u201d. Casinos in Malaysia have been closed since the end of May. The measures are set to take effect the same day that Malaysia\u2019s Prime Minister tenders his resignation, with the Straits Times noting he will offer various options \u201cincluding resigning, dissolving Parliament, and a minority government\u201d. The political shift is unlikely to cause large disruption to casino operators."} | |
| {"url": "https://agbrief.com/news/malaysia/29/06/2021/malaysia-announces-36b-stimulus-package-as-lockdown-extended/", "title": "Malaysia announces $36b stimulus package as lockdown extended", "body": "-Malaysia\u2019s government has announced a RM150 billion ($36.1 billion) stimulus package, its fourth this year, to offset the impact of an indefinite lockdown.The country\u2019s lockdown, in place since June 1st, was to have ended Monday. However, the country\u2019s new case load on Saturday was 5,803, well above the 4,000 threshold set for further easing.The stimulus plan includes a direct RM10 billion cash disbursement to citizens by the end of the year and an automatic approval for a six-month moratorium on loan repayments.Business Times"} | |
| {"url": "https://agbrief.com/news/malaysia/18/12/2020/local-vips-support-resorts-world-genting/", "title": "Local VIPs support Resorts World Genting", "body": "-TA Securities analyst Tam Kan Meng said company executives on a conference call attributed the strength at home to support from local VIPs, who have been unable to travel overseas to gamble due to border closures.\u00a0Total visitation to the hilltop resort returned to 66 percent of pre-Covid measures, with gaming revenue back to 74 percent. VIP players made up 64 percent of the total in the period.\u00a0Leisure and hospitality revenue is down 34.2 percent year-on-year to RM1.2 billion, but that performance is \u201csatisfactory,\u201d says Tam as the group has regained more than 60 percent of its prior levels, even with reduced capacity.Still, TA Securities is cutting its forecasts for Genting Malaysia next year and says it expects the operating environment in the first half to be similar to Q3.\u00a0It has cut its earnings projections for 2021 by 30.4 percent to RM499 million and for 2022 by 1.8 percent to RM1.4 billion.\u00a0Analysts at CGS-CIMB were more upbeat than TA Securities, noting that they expect a recovery to be imminent and subsequently raised their forecasts.\u201c We see FY21F net profit recovering to RM563 million,\u201dFor 2021, they raised their core earnings per share forecast by 3 percent and for 2022 by 6 percent, saying they are factoring in lower operating expenditure.\u00a0\u201cWe see FY21F net profit recovering to RM563 million, then doubling in FY22F, as visitors fully return (partly bolstered by Genting SkyWorlds\u2019s mid-2021 opening),\u201d they noted.\u00a0Management have confirmed that they expect the outdoor theme park to open in the middle of next year. The much anticipated attraction was one of the central planks of the revamp of the resort. It has been delayed in part by a dispute with former partner 20th Century Fox.\u00a0Nomura analysts also said they were pleasantly surprised with the performance in Malaysia.\u201cWhat really struck us [positively] was the revenue/margins generated by the Malaysian resort, with revenue at 66 percent and EBITDA at 79 percent of year-ago levels, and EBITDA margins of 36 percent in Malaysia,\u201d they said.However, TA Securities reports management as saying that margin level is unlikely to be sustained in 2021 due to additional costs from running the theme park.Genting Malaysia itself is maintaining a cautious outlook, warning that ongoing measures taken to control the pandemic will continue to have an impact on its business.The government announced on Nov. 4 that several more states have been added to its Conditional Movement Control Order list and that the order had been extended to December 6 in the Kuala Lumpur area.\u00a0Prior to the pandemic, the Genting Highlands resort had about 50,000 visitors a day. That number is currently at about 15,000 a day due to the latest clampdown.In the U.K., the group\u2019s casinos were forced to close their doors again on November 4th, while its New York properties \u2013 Resorts World New York City and Resorts World Catskills were closed throughout much of Q3, reopening only on Sept. 9th.The Malaysian government is losing up to MYR3 billion (US$725 million) a year in revenue as illegal gambling syndicates take an ever growing amount of business away from legal number forecast operators. The activities of these illegal 4D operations have grown bigger and more sophisticated over the last decade, eating up market share by the day, the Straits Times cited an industry source as saying.\u201cThese illegal 4D syndicates do not only offer bigger cash prizes compared with the legitimate NFOs but extended credit and allowed online buying via WhatsApp on draw days,\u201d said the source.The Communications and Multimedia Content Forum of Malaysia has issued industry guidelines to provide clarity on certain advertisements, including a provision that advertisements directly encouraging any form of gambling are not acceptable. The Malaysian Communications and Multimedia Content Code doesn\u2019t establish legally enforceable responsibilities. Instead, the guidance describes the CMCF\u2019s current thinking on a topic and would be used as industry best practices that promote self-regulation, unless specific regulatory or statutory requirements are cited."} | |
| {"url": "https://agbrief.com/news/malaysia/26/11/2021/resorts-world-lvs-3q-results-dampened-by-mask-mandate/", "title": "Resorts World LV\u2019s 3Q results dampened by mask mandate", "body": "-Genting said the 3Q21 performance of its newly opened Resorts World Las Vegas property was hurt by a July mandate from the State of Nevada requiring masks to be worn, regardless of vaccination status.The $4.2 billion resort opened its doors on June 24. In 3Q21, it reported revenue of almost $175 million and EBITDA of $27 million. Hotel occupancy for 3Q21 was 54.9 percent as several conventions were cancelled as a result of the mandate, the company said. The mask mandate came into force on July 30.The Zouk Nightclub, spa and more retail outlets and restaurants were opened in the quarter, with more to be added in 4Q21. The resorts theatre is also expected to open this quarter.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/14/10/2020/thailand-malaysia-step-up-anti-online-gambling-efforts/", "title": "Thailand, Malaysia step up anti-online gambling efforts", "body": "-Thailand\u2019s anti-online gambling efforts continue to show results, while Malaysia\u2019s crackdowns keep exposing crooked cops.Thailand, Malaysia cracking anti-online gambling whips (Calvin Ayre)"} | |
| {"url": "https://agbrief.com/news/malaysia/", "title": "Malaysia", "body": ""} | |
| {"url": "https://agbrief.com/news/malaysia/13/01/2021/malaysias-number-forecast-operators-close-shop-as-covid-cases-rise/", "title": "Malaysia\u2019s number forecast operators close shop as Covid cases rise", "body": "-Sports Toto Malaysia, Magnum Bhd and Pan Malaysian Pools have again closed their outlets in areas under Movement Control Orders due to rising Covid-19 cases. The affected areas are Penang, Selangor, Melaka, Johor and Sabah as well as the federal territories of Kuala Lumpur, Putrajaya and Labuan.Number forecast operators close outlets in MCO areas (The Edge Markets)"} | |
| {"url": "https://agbrief.com/news/malaysia/23/11/2021/apac-tourism-to-return-faster-than-business-travel-in-2022-fitch/", "title": "APAC tourism to return faster than business travel in 2022: Fitch", "body": "-Tourism is likely to rebound faster than business travel in the Asia Pacific region in 2022, with the operating environment for airports likely to improve, Fitch Ratings said.In its 2022 outlook for transportation infrastructure, the ratings agency said that the ramping up of vaccines and availability of boost shots are paving the way for a return to normality in many Asian countries.\u201cTravel restrictions have been easing, and a few countries such as Australia, Thailand and Indonesia have reopened or been set for reopening, which will revive international travel and rejuvenate tourism,\u201d it said.That said, it cautioned that it doesn\u2019t expect a full recovery of air traffic in APAC as a whole because China and some other countries may stick with a zero Covid policy and delay reopening.Fitch also said it expects toll roads and ports to normalize as the demand and supply equilibrium is gradually restored. Some international tourism travel has already resumed, with Vietnam\u2019s Phu Quoc island welcoming 200 travellers from South Korea this month, its first in two years. South Korea has also seen visitor arrivals from Singapore, while Thailand and Cambodia are also reopening their borders.Singapore has instituted a system of travel lanes for fully vaccinated passengers from certain countries, while the Commonwealth of Northern Mariana Islands has also seen some tourism traffic return. To date, China has shown no signs of easing its stringent border restrictions, which is likely to mean that Asia\u2019s resorts will be without their key tourism source market for the foreseeable future. "} | |
| {"url": "https://agbrief.com/news/malaysia/11/11/2020/malaysia-allocates-3-6m-for-esports-development/", "title": "Malaysia allocates US$3.6 million for eSports development", "body": "-Malaysia has allocated money to develop its eSports sector for the third year in a row in its annual budget, this time earmarking about US$3.6 million.Malaysia government allocates over $3.6m for eSports development in 2021 budget (European Gaming)"} | |
| {"url": "https://agbrief.com/news/malaysia/05/11/2020/genting-outlook-cut-to-negative-by-fitch/", "title": "Genting outlook cut to negative by Fitch", "body": "-Ratings agency Fitch has again taken its red pen to Genting Group and its subsidiaries, downgrading its outlook from negative to stable. The long-term issuer default rating remains at BBB.Fitch cut the actual rating from BBB+ to BBB on Oct. 16.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/11/05/2021/genting-malaysia-stock-falls-on-tighter-movement-controls/", "title": "Genting Malaysia stock falls on tighter movement controls", "body": "-Shares in Genting Malaysia closed down 3.8 percent on Tuesday after the government unexpectedly imposed a nationwide movement control order until June 7th.The movement control order is likely to severely restrict visitation to the company\u2019s Resorts World Genting property.Malaysia stocks, currency decline after nationwide virus curbs (Bloomberg)"} | |
| {"url": "https://agbrief.com/news/malaysia/07/07/2021/malaysian-police-bust-rm2-8mln-gambling-syndicate/", "title": "Malaysian police bust RM2.8mln gambling syndicate", "body": "-Police in Kuching, the most populous city in Malaysia\u2019s Sarawak state, have busted a RM2.8 million ($670,000) gambling ring.The authorities arrested four men who they believe to be part of the syndicate, which they say was operating for the past six months.Police say they promoted online gambling using social media applications such as WhatsApp, Facebook, WeChat and Telegram, targeting locals and operating 24/7.Malay Mail"} | |
| {"url": "https://agbrief.com/news/malaysia/08/01/2021/rwg-says-canteen-workers-test-positive-for-covid-19/", "title": "RWG says canteen workers test positive for Covid-19", "body": "-Genting Malaysia said several canteen workers at its Resorts World Genting resort had tested positive for Covid-19 during regular health screening in early January. The canteens are not accessible to the public.Resorts World Genting (Company statement)"} | |
| {"url": "https://agbrief.com/news/malaysia/20/07/2022/staff-shortages-crimp-genting-malaysia-recovery-cgs-cimb/", "title": "Staff shortages crimp Genting Malaysia recovery: CGS-CIMB", "body": "-The firm expects Malaysia\u2019s monopoly casino operator to stage a full recovery in 2023.Resorts World Genting is seeing strong pent up demand, boosted by local tourism and the return of some foreign visitors, especially from Singapore.However, it was only operating 5,500 hotel rooms out of a total of 10,500 in mid May, with this figure likely to have improved to about 6,000 in June.The resort is hiring more staff and plans to open more rooms in coming months, it said.\u00a0The newly opened SkyWorlds theme park is also still not operating at full capacity with only 15 out of a total of 19 rides currently open. A further three are expected to be added by the end of this year.\u00a0CGS-CIMB said there had been mixed feedback from the highly-anticipated park, with online complains about the intermittent closure of rides due to technical difficulties. It said it expects these teething problems to be resolved swiftly.\u00a0Genting Malaysia, which derives the majority of its revenue from its domestic operations, opened its delayed SkyWorlds theme park in February this year, which analysts expect to be a key driver of visitation to the property.The park is the centerpiece of the MYR10.38 billion ($2.46 billion) Genting Integrated Tourism Plan, which adds new hotel rooms and facilities to Resorts World Genting (RWG). It also increased the size of the casino floor.\u00a0Analysts at Hong Leong Investment Bank have said they expect a strong recovery for the operator in the second half, boosted by pent up demand.\u201cFrom our ground checks, casino capacity has increased as the restriction on the number of players per table has been lifted, while the footfalls observed in the casino were also very encouraging,\u201d the note said. \u201cWe believe visitations to RWG should improve meaningfully in 2Q22,\u201d it said earlier this month.\u00a0The firm expects international tourism to continue to pick up. By June 21st, Malaysia had already surpassed its target for the full year of two million incoming visitors, even though that was still only 17 percent of the pre-pandemic levels for the same period."} | |
| {"url": "https://agbrief.com/news/malaysia/19/11/2020/malaysia-probes-police-involvement-in-online-gambling-fraud-scam/", "title": "Malaysia probes police involvement in online gambling/fraud scam", "body": "-The Malaysian police force is opening an investigation paper into the alleged involvement of senior officers with individuals being held in connection with the so-called Macau Scam and online gambling syndicates.Cops involved in Macau Scam, online gambling will be investigated (New Straits Times)\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/05/01/2021/malaysias-casinos-to-rebound-faster-than-number-operators-kenanga/", "title": "Malaysia\u2019s casinos to rebound faster than number operators: Kenanga", "body": "-Kenanga Research expects Malaysia\u2019s casino operator to rebound more swiftly than its number forecast operators, as border restrictions ease. The sector valuation remains attractive as gaming stocks were still 15-26 percent cheaper than a year ago.Gaming sector poised to recover from washed-out year (New Straits Times)"} | |
| {"url": "https://agbrief.com/news/malaysia/02/03/2021/rgb-losses-at-us1-6-million-in-q4-2020/", "title": "RGB losses at US$1.6 million in Q4 2020", "body": "-Malaysia-based electronic games and services supplier RGB International has reported a fourth quarter loss of MYR6.4 million (US$1.6 million) based on total revenues of MYR52.2 million.Interim Unaudited Financial Statements (release)"} | |
| {"url": "https://agbrief.com/news/malaysia/24/01/2022/lim-kok-thay-steps-down-as-genting-h-k-ceo-after-petition-to-wind-up-company/", "title": "Lim Kok Thay steps down as Genting H.K. CEO after petition to wind up company", "body": "-Billionaire businessman Lim Kok Thay has stepped down as chairman and chief executive of Genting Hong Kong after the cruise ship operator filed a petition in a Bermuda court to wind up its cash-strapped business.The company said in a filing with the Hong Kong Stock Exchange that deputy CEO Au Fook Yew had also stepped down, putting it in breach of stock exchange listing requirements. It said it would seek to find suitable candidates to fill the vacancies as soon as possible.It gave no further comment on the resignation of Lim, who is also head of the Genting Group and the second son of Lim Goh Tong, who founded the conglomerate. Genting Hong Kong\u00a0confirmed it filed for bankruptcy protection in a Bermuda court last week after efforts to find a solution with creditors failed and said it expects to run out of cash on hand by the end of this month.As the group has no access to further liquidity, it expects it will imminently be unable to repay its debts as they become due. The cruise ship operator said that the petition is essential to allow the company to negotiate a potential debt restructuring and to avoid a disorderly sale of its assets as creditors call in debts.Genting said it will continue to operate its Dream Cruises Holdings in an attempt to preserve core assets and maintain the value of the group, but it said the majority of its operations will cease. The company owns two German shipyards, Star Cruises, Crystal Cruises and has a joint venture in Manila, which runs Resorts World Manila.Crystal Cruises\u00a0subsequently confirmed it had suspended operations for its Ocean and Expedition ships through to April 29th to allow management to evaluate its options after parent company Genting Hong Kong filed for bankruptcy protection.The company also said River cruises would be suspended through to the end of May.Crystal\u2019s three ships currently in operation \u2013 Crystal Serenity and Crystal Symphony sailing in the Caribbean and Crystal Endeavor in Antarctica \u2013 will complete their current voyages. Crystal Symphony\u2019s current voyage ends in Miami on January 22, Crystal Serenity in Aruba on January 30 and Crystal Endeavor in Ushuaia, Argentina, on February 4.\u00a0Genting H.K. was plunged into financial difficulties after Covid forced the shutdown of the global cruise industry. It agreed a financial restructuring package with creditors last May. However, that unravelled after the German state of Mecklenburg Vorpommern\u00a0failed to provide an agreed $88 million backstop facility unless the company agreed to further conditions on the financing.The action triggered the insolvency of one of the group\u2019s German shipyards, which in turn lead to a series of cross defaults within the group. The company has said it risks default on some $2.7 billion in debt. "} | |
| {"url": "https://agbrief.com/news/malaysia/27/12/2021/hlib-upgrades-rating-for-malaysian-gaming-sector-genting-top-pick/", "title": "HLIB upgrades rating for Malaysian gaming sector, Genting top pick", "body": "-Hong Leong Investment Bank (HLIB) Research has upgraded its rating of the gaming sector from \u201cNeutral\u201d to \u201cOverweight\u201d, as countries become better at handling new outbreaks and investors become immune to Covid-19 related news.\u00a0In a report released last Thursday, HLIB said that though the recovery path of the gaming industry is likely to be choppy due to Covid, global governments are recognizing the detrimental effect that full lockdowns have on the economy and is steering away from those types of measures to fight the pandemic.\u00a0\u201cThus, this will help to pave a more sustained recovery path for gaming companies compared to 2021 when the industry was plagued with multiple prolonged lockdowns,\u201d it said.\u00a0Investors are also becoming increasingly immune to reacting to outbreak news \u2013 though Malaysian gaming stocks fell on the discovery of the new Omicron strain, the stocks soon rebounded, according to a report from The Star.\u00a0HLIB said its top pick for the gaming sector is Genting Bhd, which it says is \u201ctrading at a huge holding discount of over 50% to its SOP (sum-of-parts) valuation\u201d.\u00a0\u201cWe like Genting for its deep expertise and experience in managing the gaming and hospitality businesses and its well-spread operations across different regions, which help to mitigate regulatory and country risks. Furthermore, Genting provides exposure to RWLV (Resorts World Las Vegas), which we believe to have strong growth potential in the longer term.\u201dThe research house also believes that prospects for Genting Malaysia Bhd (GenM) \u201care improving with the return of crowds to Resorts World Genting, SkyWorlds opening and positive contributions from its US and UK operations\u201d."} | |
| {"url": "https://agbrief.com/news/malaysia/09/05/2022/maybank-cuts-eps-expectations-for-genting-malaysia-as-omicron-drags/", "title": "Maybank cuts EPS expectations for Genting Malaysia as omicron drags", "body": "-Maybank Investment Bank has cut its profitability expectations for Genting Malaysia for full-year ending December 31, 2022, with omicron continuing to weigh on hotel performance at Resorts World Genting.In a Friday note, Maybank said it had cut Genting Malaysia Bhd\u2019s earnings per share (EPS) by 40 percent. Analyst Yin Shao Yang said that business at RWG had slowed from March due to an outbreak of omicron, with RWG currently only opening about half of its room capacity despite being allowed to reopen them all from April 1.\u00a0According to a report from The Edge Markets, the analysts have cut their FY22 estimated visitor arrivals to RWG to 21 million, down from a previous estimate of 24 million.\u00a0Maybank\u2019s expectations for FY23 and FY24 EPS \u2013 which are based on 26 million and 27 million visitors arrivals, respectively, remain unchanged at the present time, with the resort expected to reopen all 10,000 rooms from FY23 onwards.\u00a0Maybank\u2019s channel checks have also revealed that there has been a reduction in the number of Malaysian VIPs flying overseas to gamble, with many focused on rebuilding their businesses and the weak Malaysian ringgit (MYR) discouraging overseas travel.\u00a0That being said, more Singaporean mass-market gamblers are expected to travel to RWG due to the stronger Singaporean dollar."} | |
| {"url": "https://agbrief.com/news/malaysia/08/02/2022/malaysia-to-reopen-for-quarantine-free-travel-from-march-1st-to-boost-tourism/", "title": "Malaysia to reopen for quarantine-free travel from March 1st to boost tourism", "body": "-Malaysia said it will reopen its borders for quarantine-free travel from March 1st to help boost its economy.According to local media reports, the National Recovery Council approved the plan on Tuesday. The borders will be open to travellers from all countries.Testing will need to be carried out before departure and on arrival into the country.\u00a0\u201cThis means tourists can visit, investors can come in,\u201d NRC Chairman Muhyiddin Yassin told a press conference. \u201cThe number of tourists will increase, and the tourism industry can recover.\u201cThe aviation industry can recover \u2026 and shops that depend on tourists will have increased business. We believe this decision is a good one but at the same time we have to make sure that the SOPs are adhered to,\u201d he said.Malaysia recently resumed a vaccinated travel lane program with neighbouring Singapore that was put on hold due to Omicron. It also agreed to begin a corridor with Indonesia.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/26/05/2022/genting-says-1q22-at-rwlv-hit-by-omicron-but-results-improving/", "title": "Genting says 1Q22 at RWLV hit by Omicron, but results improving", "body": "-Genting said 1Q22 performance at its Resorts World Las Vegas property was hit by Omicron, which affected group and leisure travel to Las Vegas, but that the situation was improving.The Malaysian conglomerate said it had seen rebounding travel trends, with strong demand for RWLV\u2019s properties and services. 1Q22 hotel occupancy started at 54 percent in January and finished at 85 percent in March. It gave no further details for the Las Vegas property. The\u00a0$4.3 billion\u00a0Resorts World Las Vegas opened in\u00a0June\u00a0last year. It was the first fully new property to be built on the Strip in more than a decade.It has 3,500 rooms distributed across three premium Hilton brands. The casino has 117,000 square feet of gaming space, with some 120 tables and 1,400 gaming machines, as well as state-of-the-art technology and nightlife concepts, such as Singapore\u2019s Zouk Club. It also has a 5,000-seat auditorium featuring acts including Katy Perry and Celine Dion.\u00a0Analysts at Nomura have said that the ramp up of the property has been slower than expected. According to its estimates Resorts World Las Vegas\u00a0reported revenue in 4Q22 of MYR716 million ($170 million), whilst EBITDA was MYR96 million ($23 million) in the quarter, a slight fall from that of 3Q21."} | |
| {"url": "https://agbrief.com/news/malaysia/25/11/2022/genting-malaysia-narrows-its-3q22-loss-to-1-84mln/", "title": "Genting Malaysia narrows its 3Q22 loss to $1.84mln", "body": "-The results announced on Thursday, indicated a sharp rise in group revenue, totaling RM2.27 billion ($505 million), up 174 percent yearly.The group operates Malaysia\u2019s only license casino property \u2013 Resorts World Genting, as well as casinos in the United States, the UK, Bahamas and Egypt.During the period, the Malaysian operations leisure and hospitality segment recorded revenue of RM1.39 billion ($309.26 million) , \u2018primarily driven by the strong recovery in overall business volume registered at Resorts World Genting (RWG) after the reopening of the national borders and higher contributions from the non-gaming segment following the launch of the new Genting SkyWorlds theme park\u2019.The group notes it was \u2018heavily impacted\u2019 by the closure of RWG from June 1st to September 29th of last year under a nationwide lockdown, helping the comparative upticks for 3Q22.The group notes that it \u2018remains cautiously optimistic on the near-term outlook of the leisure and hospitality industry\u2019, being \u2018encouraged by the increase in visitation at RWG\u2019.Regarding the group\u2019s US operations, which together with its Bahamas segment brought in RM424.9 million ($94.53 million), a 60 percent yearly increase, the group notes it is \u2018ready to capitalize on revenue and growth opportunities\u2019, noting in particular the lifting of a moratorium in New York on the remaining three downstate casino licenses.It notes that its ramp-up of Resorts World New York City (RWNYC) \u2018continues to be a key focus\u2019 and that it plans to open its Resorts World Hudson Valley property \u2018by the end of the year\u2019."} | |
| {"url": "https://agbrief.com/news/malaysia/06/05/2021/resorts-world-lv-gets-high-praise-from-gaming-board/", "title": "Resorts World LV gets high praise from gaming board", "body": "-Genting\u2019s Resorts World Las Vegas property has received licensing approval from the Nevada Gaming Control Board, which praised the $4.3 billion project and its execution.\u201cThe background is outstanding, the company is incredible, financials are great and ratios are outstanding,\u201d Board Chairman Brin Gibson was cited as saying by local media. \u201cI have nothing but praise for this application. I have no concerns.\u201d"} | |
| {"url": "https://agbrief.com/news/malaysia/26/08/2021/genting-malaysia-2q-revenue-soars-but-warns-lockdowns-to-weigh/", "title": "Genting Malaysia 2Q revenue soars, but warns lockdowns to weigh", "body": "-Genting Malaysia said its 2Q21 revenue soared more than seven times from the same quarter of last year, but warned that the latest lockdowns in the country will weigh on business going forward.The group reported total revenue of MYR817.9 million ($195 million), compared with MYR114.9 million in 2020. Revenue from the U.S. and the Bahamas overtook Malaysia at MYR 352.9 million, up from negative MYR31.6 million, while Malaysia saw revenue gain 188 percent to MYR237.9 million.As a result the group swung back to profit at the EBITDA level of MYR44.8 million from a loss of MYR593.4 million a year earlier. The net loss narrowed to MYR371 million from MYR1.04 billion. Genting said that while it has seen some encouraging signs in terms of resumption of international travel, the regional gaming market in Asia will remain challenging in the short term. The group\u2019s Resorts World Genting property in Malaysia has been under lockdown since June 1, as the government imposed restrictions to curb the spread of Covid and the company gave no indication of when it may be permitted to reopen.Genting said the closure will \u201csignificantly impact,\u201d the group\u2019s business. \u201cIn Malaysia, economic recovery is expected to be delayed by the earlier re-imposition of containmentmeasures nationwide and increased spread of COVID-19,\u201d it said.To mitigate the loss of revenue, the company said it will continue to monitor its cost base. The \u201ctimely\u201d completion of its outdoor theme park Genting SkyWorlds will also be a key focus, it added without giving details on timeframe. Elsewhere, Genting said it had been encouraged by the \u201crecovery momentum\u201d it had seen in the U.K. since it was permitted to reopen its casinos on May 17. It said it will continue to ramp up its operations there as curbs are eased. It also plans to assess its cost structure to better align expenses with the new operating environment.The group has also seen a strong rebound in demand in New York state, where it owns Resorts World New York City and Resorts World Catskills. It said it plans to increase its focus on developing its local exposure and pushing the synergies between the two properties to improve business volumes and margins. "} | |
| {"url": "https://agbrief.com/news/malaysia/23/09/2021/malaysia-to-ease-travel-curbs-when-90-vaccination-target-hit/", "title": "Malaysia to ease travel curbs when 90% vaccination target hit", "body": "-Malaysia is set to shed interstate travel restrictions once 90 percent of the adult population is fully vaccinated,\u00a0 Prime Minister Ismail Sabri Yaakob said in a statement on Wednesday.On Tuesday, Malaysian Tourism Minister Datuk Seri Nancy Shukri announced that Malaysia\u2019s Resorts World Genting and two other tourism destinations will be given the green light to reopen by October 1, as the country expands its domestic travel bubble.The announcement came a day after the country met its 80 percent full vaccination target.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/12/04/2022/rwlv-ramping-up-cash-flow-positive-from-opening-day-says-sibella/", "title": "RWLV ramping up, cash-flow positive from opening day, says Sibella", "body": "-Genting\u2019s Resorts World Las Vegas (RWLV) is seeing a ramp-up in occupancy and has been cash-flow positive since it opened last year despite the challenges brought by Covid, property president Scott Sibella said.Sibella was speaking in a videotaped address to ICE London\u2019s International Casino Conference.\u00a0He said Las Vegas is now beginning to see the return of convention business, as well as the return of some international travel.\u00a0\u201cWe worked hard to open on time and on budget,\u201d he said. \u201cWe anticipate travelers to Las Vegas will continue to improve and we hope to take advantage of the pent-up demand.\u201dThe $4.3 billion Resorts World Las Vegas opened in June last year. It was the first fully new property to be built on the Strip in more than a decade.It has 3,500 rooms distributed across three premium Hilton brands. The casino has 117,000 square feet of gaming space, with some 120 tables and 1,400 gaming machines, as well as state-of-the-art technology and nightlife concepts, such as Singapore\u2019s Zouk Club. It also has a 5,000-seat auditorium featuring acts including Katy Perry and Celine Dion.\u00a0Sibella said the property sits on an 88-acre plot, but so far has only developed 42 acres, leaving plenty of scope for future development.Walking ICE delegates through some of the key features of the property, Sibella said that the adoption of technology at RWLV is what really sets the property apart.\u00a0\u00a0\u201cWe offer a variety of new age tech advancements across the resort, allowing guests to access almost everything via a mobile device,\u201d he said. \u201cOur vision was to develop an advanced casino floor that offers convenience, rewards flexibility, accuracy, and accountability.\u201dHe said the initial response from customers to the technology had been favorable.\u00a0Despite Sibella\u2019s upbeat comments, some analysts have said the ramp-up had been slower than they had anticipated.According to estimates from Nomura, Resorts World Las Vegas reported revenue was MYR716 million ($170 million), whilst EBITDA was MYR96 million ($23 million) in the quarter, a slight fall from that of 3Q21.\u201cGiven consensus\u2019 expectations of a continued ramp-up in RWLV, this performance might come as a negative surprise,\u201d said the analysts in a February note.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/10/07/2023/rgb-plans-to-sell-more-4000-gaming-machines-this-year/", "title": "RGB plans to sell 4,000 gaming machines this year\u00a0", "body": "-Datuk Seri Chuah Kim Seah said that Cambodia, Laos, Vietnam, Timor Leste, and the Philippines are the main market for the gaming machine business.\u00a0Speaking to Malaysian media The Star, Chuah said the company is expecting to deliver half of the 4,000 machines by mid-year, and that in the same period the Malaysia-based electronic gaming machine manufacturer has leased out about 5,000 gaming machines, which will generate some RM100million ($21.4 million) in revenue this year.A fire incident in Cambodia last year led RGB to write off RM5.8 million (1.24 million) in machines. \u201cAfter the write-off, we still made RM3.9 million ($840,000) in net profit,\u201d Cheah said.RGB reported profit growth of 418 percent yearly, to RM10.5 million ($2.3 million), for the quarter ended March 31st, 2023.In its 1Q23 results announcement, RGB outlined the improved performance, with its consolidated revenues rising by 197 percent year-on-year to RM95.2 million ($20.7 million). However, revenues were down 21 percent compared to the 4Q22.The Sales and Marketing segment revenues jumped 367 percent, to RM69 million ($15.0 million), with profit up 345 percent to RM10.4 million (US$2.3 million), mainly due to an increase in number of products sold.Even with solid growth this year, the managing director of RGB notes that as the company\u2019s businesses are located in various countries in Asia, and that any changes in each country\u2019s regulations and policies may have an impact on their operation.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/19/11/2021/kedah-ban-on-gambling-will-only-send-industry-underground-minister/", "title": "Kedah ban on gambling will only send industry underground: Minister", "body": "-Malaysian Human Resource Minister Datuk Seri M. Saravanan has warned that the shutting down of licensed gambling outlets in Kedah will lead to job losses and force the industry to go underground.\u00a0The Kedah state on Sunday announced it is set to effectively ban all licensed gambling operators by not renewing licenses for any operators. Kedah is one of three Malaysian states governed by Islamist party Parti Islam SeMalaysia (PAS).\u201cMy personal view is that our friends will lose their jobs,\u201d said Saravanan during the 2022 Budget.\u201cAlso, we have had past experiences when samsu (cheap liquor) shops were made illegal \u2013 the operators went underground.\u201cThus, the impact if we ban licensed gaming outlets will not only result in loss of jobs, but illegal gambling dens will also start emerging.\u201d"} | |
| {"url": "https://agbrief.com/news/malaysia/27/11/2020/genting-malaysia-losses-at-us182-million-in-q3/", "title": "Genting Malaysia losses at US$182 million in Q3", "body": "-Genting Malaysia recorded total revenues of over RM1.4 billion (US$354 million) in the third quarter of 2020, representing a 46 percent decline year-on-year. The group registered a net loss of RM726 million (US$182 million).Genting Berhad Malaysia Announces Results (release)"} | |
| {"url": "https://agbrief.com/news/malaysia/15/01/2021/genting-permanently-closes-u-k-s-southport-casino/", "title": "Genting permanently closes UK\u2019s Southport casino", "body": "-Genting Malaysia\u2019s UK unit has permanently closed its casino in Southport in Northwest England, with 38 staff facing redundancy. The group has already closed casinos in Margate, Torquay and Bristol and has reduced its workforce in London, Glasgow, Edinburgh, Blackpool and Birmingham.Genting permanently closes U.K. casino (The Edge Markets)"} | |
| {"url": "https://agbrief.com/news/malaysia/27/04/2023/gentings-sale-of-miami-property-to-net-967-million-for-the-company/", "title": "Genting\u2019s sale of Miami property to net $967 million for the company", "body": "-According to a filing with the Malaysian Stock Exchange, the group notes that the group had entered into a \u2018conditional sale and purchase agreement\u2019 for the property, owned by its subsidiary Resorts World Miami, totaling 15.47 acres or, 673,691 square feet.The sale encompasses four land parcels, three under freehold \u2013 for $1.2 billion, and one under leasehold, for $25 million.The group notes that it has obtained approval by the majority of shareholders for the land sale, initially acquired in a bid to get a casino license in Florida.The purchaser is a real estate development company named Smart City Miami, LLC, liked to the Terra Group, which is involved in projects through Miami Beach, Bay Harbor Islands and other projects in the state.Genting notes that the cash proceeds from the disposal of the land \u2018are intended to be utilized for general corporate and investment purposes, including the funding of future investments as and when they arise\u2019.Genting has been actively pursuing a casino property in New York, despite delays in the evaluation process. Genting\u2019s $1.22 billion price tag on the sale compares to the $259 million it paid for the four parcels in 2011 (of which $13 million was paid in 2017).The group is expecting to make a gain of $967 million from the disposal.The sale is expected to be completed \u2018by the third quarter of 2023\u2019."} | |
| {"url": "https://agbrief.com/news/malaysia/05/07/2022/genting-malaysia-to-post-solid-recovery-in-2h22-hongleong/", "title": "Genting Malaysia to post solid recovery in 2H22: Hong Leong", "body": "-The firm has a \u201cbuy\u201d rating on the company and a share target price of MYR3.91.\u00a0The company\u2019s first-quarter results missed analysts\u2019 expectations, mostly due to a mismatch between supply and demand, the bank said. The company was adding costs to open up the resort as demand fell due to the spread of the Omicron variant in the country.However, looking ahead, it said there are plenty of positive catalysts for the operator.Genting Malaysia is the country\u2019s only casino operator, with a recently revamped resort in the Genting Highlands. Under the Genting Integrated Tourism Plan, which was launched in 2013. Genting spent MYR10.38 billion ($2.46 billion) to add more hotel rooms, expand its casino and add non-gaming attractions such as the SkyWorlds theme park, which opened in February.This resort will \u201canchor\u201d the group\u2019s recovery for the rest of FY22, HeongLeong said.It points to the fact that Malaysia is learning to live with Covid, while the borders are also reopening to international tourists.The Malaysian ringgit is also currently weak, which makes the country a relatively cheaper holiday destination.\u00a0HongLeong said as of the end of March, Resorts World Genting had only opened about half of its hotel rooms, which total 10,500. It had an occupancy rate for those that were open of 88 percent in the first quarter.\u00a0The company is also ramping up capacity at its casino and theme park from the second quarter.\u201cFrom our ground checks, casino capacity has increased as the restriction on the number of players per table has been lifted, while the footfalls observed in the casino were also very encouraging,\u201d the note said. \u201cWe believe visitations to RWG should improve meaningfully in 2Q22.\u201d\u00a0The firm expects international tourism to continue to pick up. By June 21st, Malaysia had already surpassed its target for the full year of two million incoming visitors, even though that was still only 17 percent of the pre-pandemic levels for the same period.SkyWorlds is also rolling out more attractions and the park allows Genting to tap into a larger market.\u201cPrior to the opening of the theme park, the main attraction in RWG was its casino, which tends to attract, adult, non-Muslim crowds,\u201d it said. \u201cThe opening of SkyWorlds allows RWG to attract a large and previously untapped Muslim market, which represents about 63 percent of Malaysia\u2019s population.\u201d\u00a0The increased footfall from the park should have a positive spillover effect in other areas of the resort, it said.\u00a0In 1Q22, Genting Malaysia\u00a0said it had swung back to profit at the EBITDA level as revenue surged by three times following the lifting of Covid restrictions, but the results missed expectations.The company posted an EBITDA of RM414.4 million ($94.2 million), compared with a loss on that level of RM110.4 million a year earlier. The group\u2019s net loss narrowed by 70 percent to RM147.9 million, while revenue surged to RM1.72 billion.\u00a0The results missed expectations from J.P. Morgan for EBITDA of\u00a0RM450 million\u00a0and were weaker than the prior quarter."} | |
| {"url": "https://agbrief.com/news/malaysia/19/04/2022/genting-malaysia-1q22-ebitda-to-grow-26-jpm/", "title": "Genting Malaysia 1Q22 EBITDA to grow 26%: JPM", "body": "-Higher visitation and spending are expected to drive Genting Malaysia\u2019s performance growth in 1Q22, with EBITDA pegged to grow 26 percent to RM450 million ($105.8 million).\u00a0According to analysts at J.P. Morgan, the company\u2019s flagship property, Resorts World Genting saw 4.8 million visitors in 4Q21, and spend/pax of RM240.\u00a0Driven by reopening momentum, the analysts expect visitation to grow 13 percent quarter-on-quarter to 5.4 million, whilst spending per patron will expand by 17 percent to RM280.\u00a0JPM said that visitation growth is being driven by growing overnight options around RWG, and spending should also rise due to RWG\u2019s more expensive spending outlets.The company has also been able to improve its cost structure through the use of technology to reduce costs during lockdown."} | |
| {"url": "https://agbrief.com/news/malaysia/22/03/2021/imperative-for-empire-to-secure-financing-soon-nomura/", "title": "Imperative for Empire to secure financing soon: Nomura", "body": "-Empire Resorts must secure financing at attractive rates soon if it is to turn profitable and avoid the need for a further capital injection from Genting, Nomura said in a research note.The firm said it has built in associate losses of MYR238 million into its forecasts for Genting Malaysia this year due to its share of losses from Empire. The Malaysian company was forced to inject a further $20 million into the U.S. company on Friday.Despite the Empire losses, Nomura said it retains its buy on Genting Malaysia.\u201cWe believe investors will overlook near-term bumpy earnings, and are looking through to FY22F prospects, which look promising for Malaysia with the Skyworlds theme park scheduled to open (official guidance: mid-2021), vaccines expected to be widely available by end-2021 in Malaysia, the UK and the US (key markets), and start of some inbound tourism.\u201d"} | |
| {"url": "https://agbrief.com/news/malaysia/28/04/2021/genting-malaysia-theme-park-to-create-1500-jobs/", "title": "Genting Malaysia theme park to create 1,500 jobs", "body": "-Genting Malaysia\u2019s SkyWorlds outdoor theme park, which is scheduled to open later this year, is expected to create 1,500 jobs and provide a boost for the local economy.The delayed theme park is seen as a key plank in a grand overhaul of Resorts World Genting, Malaysia\u2019s only integrated resort. The 10-year Genting Integrated Tourism Plan was launched in 2013.The operator has begun a recruitment drive for staff.Grand opening of Skyworlds to create 1,500 jobs (Malay Mail)"} | |
| {"url": "https://agbrief.com/news/malaysia/06/12/2021/genting-restarts-star-cruises-operations-on-december-22/", "title": "Genting restarts Star Cruises operations on December 22", "body": "-Genting Cruise Lines has received approval to restart operation of its Star Cruises on December 22, 2021, starting with Star Pisces offering cruises from Penang.According to a statement from Genting, the Star Pisces will have five departures every week, offering one or two night round trip itineraries from Penang, including \u2018Langkawi Escape\u2019 and \u2018Straits of Malacca\u2019 cruise itinerary, which will be available to all Malaysian citizens and foreigners with valid Malaysian long-term visit passes.\u00a0It will initially operate at reduced passenger capacity of 50 percent, and all guests and crew are required to be fully vaccinated in order to board, as well as presenting a negative test result prior to embarking.\u00a0Genting Cruise Lines also noted that it is the first international cruise company in the world to successfully restart operations with Dream Cruises in Taiwan, Singapore and Hong Kong since July last year.\u00a0\u201cAs part of Genting Cruise Lines, Star Cruises is excited to pioneer safe cruises in Malaysia and to work hand-in-hand with the ministries under the Malaysian government, together with PPC and PPSB to support the country\u2019s National Recovery Plan (NRP), including Langkawi\u2019s international tourism travel bubble pilot program.\u201cWe hope to call on more Malaysian destinations and to expand our itineraries with the inclusion of regional destinations like Phuket in the near future to spur the cruise tourism industry.\u201d"} | |
| {"url": "https://agbrief.com/news/malaysia/19/10/2020/no-new-casino-taxes-seen-in-malaysia/", "title": "No new casino taxes seen in Malaysia", "body": "-The Malaysian government is unlikely to further hike casino taxes, as they are already among the highest in the region and the country\u2019s only operator, Genting Malaysia, is suffering from the impact of Covid-19, RHB says.RHB doesn\u2019t expect increase in casino duties/NFO tax (The Edge Markets)\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/26/04/2023/resorts-world-gentings-recovery-depends-on-weather-conditions-says-maybank/", "title": "Resorts World Genting\u2019s recovery depends on weather conditions, says Maybank", "body": "-The report follows the devastating landslide in December 2022, nearby Genting Highlands, which claimed 31 lives, causing visitor arrivals to the resort to dip 10 percent in the last quarter of 2022 to 5.3 million.Maybank reported that the predicted decrease of visitor arrivals to RWG in January and February 2023 due to the rainy weather will have a significant impact on the estimated core net profit for the fiscal years of 2024 and 2025. It is estimated that the visitor arrivals will fall by 3 to 4 percent when compared to the 25.2 and 25.7 million visitors during the same period in the previous years.Maybank reported that visitor arrivals to the resort have been increasing since March 2023, with all 10,500 rooms now open and serviced due to increased availability of labor. Overnight stays have been particularly beneficial as a significant growth in RWG, gross gaming revenue has accompanied them.The analysts also point out that the results of the tender for a downstate New York casino license are now likely to be postponed until 1Q24, having been initially expected in 4Q23. Maybank pointed out that the bid could enable Resorts World New York City to introduce table games and increase the discounted cash flow-trading price.During its 1Q23 earnings call, Las Vegas Sands revealed that the request for applications for a potential new casino in New York has stalled. This comes after applicants submitted questions to the New York State Gaming Commission for clarification three months prior."} | |
| {"url": "https://agbrief.com/news/malaysia/25/09/2021/genting-malaysia-warns-about-online-survey-scam/", "title": "Genting Malaysia warns about online survey scam", "body": "-Genting Malaysia is warning the public about an online survey scam said to be carried out in its name in conjunction with the group\u2019s 25th anniversary.In a statement on its website, the operator said that Genting is \u201cnot involved or associated in any way with this online survey. Please do not click on the link and refrain from circulating it.\u201dGenting, which operates the Resorts World Genting property in Malaysia\u2019s Genting Highlands, didn\u2019t give any details on what the survey scam was about.Asia\u2019s major gaming brands have been frequently targeted by scams that seek to capitalize on their names to run online gambling. Last year, Macau\u2019s Galaxy Entertainment was forced to put out a statement distancing itself from sites using its name and brand.\u00a0Earlier this year, the Philippines\u2019 Okada Manila warned the public of online websites using its name.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/27/11/2020/local-vips-buoy-gentings-malaysia-operations/", "title": "Local VIPs buoy Genting\u2019s Malaysia operations", "body": "-Behind the sea of red in Genting Malaysia\u2019s Q3 results, analysts found reason for cheer in the performance of its domestic operations, which generated a positive EBITDA of RM541 million ($133 million) in the quarter.TA Securities analyst Tam Kan Meng said company executives on a conference call attributed the strength at home to support from local VIPs, who have been unable to travel overseas to gamble due to border closures.\u00a0Total visitation to the hilltop resort returned to 66 percent of pre-Covid measures, with gaming revenue back to 74 percent. VIP players made up 64 percent of the total in the period.\u00a0Leisure and hospitality revenue is down 34.2 percent year-on-year to RM1.2 billion, but that performance is \u201csatisfactory,\u201d says Tam as the group has regained more than 60 percent of its prior levels, even with reduced capacity.Still, TA Securities is cutting its forecasts for Genting Malaysia next year and says it expects the operating environment in the first half to be similar to Q3.\u00a0It has cut its earnings projections for 2021 by 30.4 percent to RM499 million and for 2022 by 1.8 percent to RM1.4 billion.\u00a0Analysts at CGS-CIMB were more upbeat than TA Securities, noting that they expect a recovery to be imminent and subsequently raised their forecasts.For 2021, they raised their core earnings per share forecast by 3 percent and for 2022 by 6 percent, saying they are factoring in lower operating expenditure.\u00a0\u201cWe see FY21F net profit recovering to RM563 million, then doubling in FY22F, as visitors fully return (partly bolstered by Genting SkyWorlds\u2019s mid-2021 opening),\u201d they noted.\u00a0Management have confirmed that they expect the outdoor theme park to open in the middle of next year. The much anticipated attraction was one of the central planks of the revamp of the resort. It has been delayed in part by a dispute with former partner 20th Century Fox.\u00a0Nomura analysts also said they were pleasantly surprised with the performance in Malaysia.\u201cWhat really struck us [positively] was the revenue/margins generated by the Malaysian resort, with revenue at 66 percent and EBITDA at 79 percent of year-ago levels, and EBITDA margins of 36 percent in Malaysia,\u201d they said.However, TA Securities reports management as saying that margin level is unlikely to be sustained in 2021 due to additional costs from running the theme park.Genting Malaysia itself is maintaining a cautious outlook, warning that ongoing measures taken to control the pandemic will continue to have an impact on its business.The government announced on Nov. 4 that several more states have been added to its Conditional Movement Control Order list and that the order had been extended to December 6 in the Kuala Lumpur area.\u00a0Prior to the pandemic, the Genting Highlands resort had about 50,000 visitors a day. That number is currently at about 15,000 a day due to the latest clampdown.In the U.K., the group\u2019s casinos were forced to close their doors again on November 4th, while its New York properties \u2013 Resorts World New York City and Resorts World Catskills were closed throughout much of Q3, reopening only on Sept. 9th."} | |
| {"url": "https://agbrief.com/news/malaysia/18/01/2021/genting-malaysia-earnings-forecasts-cut-at-kenanga-on-lockdowns/", "title": "Genting Malaysia earnings forecasts cut at Kenanga on lockdowns", "body": "-Genting Malaysia\u2019s 2021 earnings estimates have been cut by 22 percent by analysts at Kenanga Research due to more Covid-19 lockdowns in Malaysia and the U.K.Kenanga lowers earnings forecasts for GentingM on more lockdowns (The Star)"} | |
| {"url": "https://agbrief.com/news/malaysia/03/01/2022/genting-malaysia-to-return-to-profitability-in-2022-rhb-investment-bank/", "title": "Genting Malaysia to return to profitability in 2022: RHB Investment Bank", "body": "-RHB Investment Bank says it expects Genting and Genting Malaysia to return to profitability in 2022, despite the potential downside risk from Omicron on earnings recovery.\u00a0\u201cMany countries are now better equipped and nimble in handling the pandemic. Coupled with the massive cost rationalisation efforts undertaken previously by the casino operators, these should partially cushion the impact. Both the casino operators will resume recovering after the Covid-19 situation stabilises,\u201d said the brokerage, in a report picked up by The Edge Markets.\u00a0Similar to a note by Hong Leong Investment Bank (HLIB) Research last week, the investment bank has maintained its \u201coverweight\u201d rating of the Malaysian gaming sector, with Genting as its top pick.RHB said this is \u201cdue to its attractive 6.2x EV/EBITDA vs the regional peer average of c.13x, which provides investors a cheaper alternative to position for the tourism recovery play angle\u201d.RHB said further upside could come from a stronger-than-expected contribution from Genting\u2019s Las Vegas resort, which is in the early stages of ramping up business."} | |
| {"url": "https://agbrief.com/news/malaysia/30/09/2021/resorts-world-genting-reopens-with-limited-capacity-from-sept-30/", "title": "Resorts World Genting reopens with limited capacity from Sept. 30", "body": "-Genting Malaysia\u2019s Resorts World Genting property has reopened on a limited basis from Sept. 30th.According to a message on its website, the resort\u2019s employees are now fully vaccinated and some of the facilities will also only be available to those who have received both shots. It didn\u2019t specify exactly which amenities are open.The resort, in the Genting Highlands, will only be accessible to guests within its home state of Pahang. The government this week decided against a plan to reopen some of Malaysia\u2019s key tourism resorts for interstate visitors. Malaysia is currently about 80 percent vaccinated and the government wants to see a 90 percent rate before further easing.Resorts World Genting has been closed since June 1st to fight the spread of Covid. The casino had been closed a week prior to the full lockdown.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/14/07/2022/genting-malaysia-warns-of-imitation-online-websites/", "title": "Genting Malaysia warns of imitation online websites", "body": "-In an advisory on the Resorts World Genting website, the company said it is not associated with these websites in any way.Genting Malaysia is Malaysia\u2019s monopoly casino operator and also owns properties in the U.K., U.S., Bahamas and Egypt.\u00a0The group has no online gambling presence in Asia, but does offer online casinos and sportsbooks through Gentingcasino.com, which is licensed in Alderney.Earlier this year, Resorts World New York also launched ResortsWorldBET, a sports betting product for the New York mobile market.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/10/12/2020/malaysia-dubai-seen-as-potential-online-gambling-bases/", "title": "Malaysia, Dubai seen as potential online gambling bases", "body": "-Malaysia and Dubai are both being viewed as potential bases for online gambling operations, as an alternative to the Philippines, where the cost of doing business has risen to a level considered as unacceptable by many operators.\u00a0Speaking on an Asia Gaming Brief webinar, Cherry Interactive General Manager Danny Too said both jurisdictions had emerged as potential hosts.\u201cYou can set up finance, operations, and can even do online marketing out of the Malaysian office, but the key thing is that you get the permission of the federal government,\u201d he told the webinar. \u201cYou can get a place to work and a license from one of the states but you need to go through the central government to go ahead. From the government point of view it\u2019s just a BPO and as long as the games are not being offered in Malaysia, the government is happy to bring in these operators.\u201dThe federal government in Malaysia has been prompted to act in an effort to stamp out rampant online gambling and to collect \u201cbillions of U.S. dollars,\u201d in lost revenue to illegal sources, he said. The economic hit from the Covid-19 pandemic has given further impetus to the process.\u201cMalaysia is a very, very interesting proposition,\u201d he said. \u201cAuthorities have been talking about it, but during the pandemic they have upped the ante and want to get companies in. I have been speaking with 5 to 6 operators who are interested.\u201dHowever, the government wants to ensure that the companies are legitimate and not scammers and will be able to pay both their taxes and employees. They will also be banned from offering services to Malaysia\u2019s Muslim population, Too said, adding that actual regulation is still some way off.\u00a0Live dealer, which is one of the fastest-growing online verticals, will not be permitted in the country, he added.Dubai is taking a similar stance and is being considered by some Chinese operators who are keen to diversify their portfolio away from China and instead target the huge and growing Indian market.The city is home to a large expatriate workforce, in particular from India, providing a potential workforce with strong cultural affiliations with the target market.\u00a0Too said that to date, Dubai has taken the same stance as Malaysia when it comes to live dealer operations, not permitting any physical presence of table set ups on its soil.\u00a0Asia Gaming Brief will be delving deeper in alternative i-gaming jurisdictions and some of the themes discussed on the webinar in an upcoming white paper to be distributed to subscribers."} | |
| {"url": "https://agbrief.com/news/malaysia/22/04/2021/malaysia-blocks-2195-online-gambling-sites-terminates-phone-lines/", "title": "Malaysia blocks 2,195 online gambling sites, terminates phone lines", "body": "-The Malaysian Communications and Multimedia Commission said it has blocked 2,195 online gambling websites and terminated 19,765 telephone lines for sending spam SMS messages promoting gambling.The figures are up to March this year. The Malaysian government has been on campaign to crackdown on illegal gambling in the country.MCMC statement\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/21/04/2021/gen-malaysia-seen-posting-loss-due-to-covid-restrictions-maybank/", "title": "Gen. Malaysia seen posting loss due to Covid restrictions: Maybank", "body": "-Genting Malaysia is now expected to report a loss this year due to the ongoing disruptions from Covid, but the earnings recovery momentum is intact, Maybank Research said in a note maintaining its \u201cbuy\u201d rating and increasing its target share price.The firm forecasts a core net loss for the year of MYR384.8 million ($93.3 million), compared with its estimate for a profit of MYR137.9 million previously. It has increased the share price target\u00a0 by 8 percent by MYR3.43.\u201cWith the recent surge in new COVID-19 cases in Malaysia, we do not believe that the inter-state travel ban in Malaysia will be lifted soon,\u201d the note said, explaining that 77 percent of FY20A Resorts World Genting visitors were day-trippers, with the great majority from the neighbouring state of Selangor and Federal Territory of Kuala Lumpur.\n\n\n\n\n\n\n\n"} | |
| {"url": "https://agbrief.com/news/malaysia/21/01/2021/biden-may-be-positive-for-genting-tribal-investment-maybank/", "title": "Biden may be positive for Genting tribal investment: Maybank", "body": "-The pro-native American stance of incoming U.S. President Joe Biden may be positive for Genting Malaysia\u2019s investment in a Mashpee Wampanoag casino project, Maybank wrote in a research note.If their reservation land continues to be held in trust by the U.S. Department of Interior and they are allowed to resume construction of First Light Resort & Casino, we gather GENM may write back the promissory notes it impaired in 2018, the firm said.If this happens, Maybank said it would lift its sum-of-the-parts based target price by 12 percent and its forecast for 2022 earnings per share by 17 percent.Genting took an impairment charge of MYR1.8 billion related to its investment in promissory notes by the tribe. Genting had been appointed to run the casino for seven years for 30 percent of EBIT.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/08/11/2021/genting-carrying-out-technical-rehearsals-on-theme-park-opening-seen-next-month/", "title": "Genting carrying out technical rehearsals on theme park, opening seen next month", "body": "-Genting Malaysia has begun technical rehearsals at its SkyWorlds outdoor theme park and the opening is expected to take place next month, according to a local media report.In response to inquiries from, The Edge, a Genting spokesperson said the rides were currently open to employees and selected guests. The long-delayed theme park is seen as a key draw in the Genting Integrated Tourism Plan. The opening of the attraction will mark the culmination of the revamp of the Genting Highlands Resort, which began in 2013.\u201cGENM itself expects Genting SkyWorlds to drive RWG visitor arrivals to 30 million in the long term while we are a tad more conservative at 26 million to 27 million per annum (pre-Covid-19 high: 24 million),\u201d the report cited MayBank analyst Yin Shao Yang as saying. \u00a0Assuming RM150 average mass market gaming revenue per patron and 40% EBITDA margin, he said, the 2 million to 3 million extra RWG visitors per annum relative to the pre-Covid-19 high will accrete RM120 million to RM180 million to EBITDA per annum. \u00a0In a recent interview with AGB, Nomura head of Malaysia equity research, Tushar Mohata, said he expected the opening of the theme park to coincide with the school holidays in Malaysia to maximize visitation. "} | |
| {"url": "https://agbrief.com/news/malaysia/08/03/2023/two-of-10-richest-billionaires-in-malaysia-from-gaming-industry/", "title": "Two of 10 richest billionaires in Malaysia from gaming industry", "body": "-Before Forbes\u00a0released its annual list of \u2018Malaysia\u2019s 50 Richest\u2019 this year, local media reported that two of ten richest billionaires in Malaysia have businesses deeply related to gaming.According to Prestige, Dr Chen Lip Keong, owner of NagaCorp and Karambunai was classified as the 6th richest individual in the nation, with a net worth of $2.8 billion.The entrepreneur won a contract to operate a casino in Phnom Penh in 1994. That casino, NagaWorld, eventually built Chen\u2019s fortune. NagaWorld is Cambodia\u2019s first casino and has a license to operate until 2065. It has a guaranteed monopoly within a 200-kilometer radius of Phnom Penh until 2045, effectively meaning that it will be the only casino company in the Cambodian capital until the period expires.NagaWorld is the largest casino resort in the Mekong region and has played an important role in Cambodia\u2019s tourism economy.Its parent company, NagaCorp, was listed on the Hong Kong Stock Exchange in 2006, becoming the first casino group with operations in Cambodia to do so.Malaysia\u2019s 7th richest person is the well-known Genting Group boss Lim Kok Thay.Lim is the chairman and CEO of Genting, a Malaysian company known for its businesses and luxury brands in the leisure and hospitality sector. He was also the chairman and CEO of Genting Hong Kong, Asia\u2019s largest cruise operator, until his resignation in January of last year after the company filed for liquidation because of losses caused by the collapse of its shipbuilding arm.However, Lim remained on Forbes\u2019 list of the richest Malaysian billionaires, with a net worth of $2.35 billion in 2022.The group comprises Genting and its listed and unlisted companies Genting Malaysia, Genting Plantations and Genting Singapore, Genting Energy and Resorts World Las Vegas. Genting Singapore operates the famous Resorts World Sentosa, one of only two integrated resorts licensed to operate in the city."} | |
| {"url": "https://agbrief.com/news/malaysia/09/11/2020/resorts-world-genting-open-despite-extension-of-movement-controls/", "title": "Resorts World Genting open despite extension of movement controls", "body": "-Resorts World Genting say it remains open despite the extension of Conditional Movement Control Order until Dec. 6. The resort says anyone affected can either change dates or request a refund.Resorts World Genting open despite extension of movement controls (Company filing)\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/24/02/2022/genting-malaysia-returns-to-4q21-profit-announces-special-dividend/", "title": "Genting Malaysia returns to 4Q21 profit, announces special dividend", "body": "-Genting Malaysia returned to profit in 4Q21 as revenue surged following easing Covid restrictions and said it was paying a special dividend to shareholders.The Malaysian operator reported net profit of RM124 million ($29.5 million) compared with a loss of RM285.1 million in the same quarter a year earlier. There was an 81 percent jump in revenue in the quarter to RM1.88 billion.\u00a0Adjusted EBITDA was RM738.1 million, more than four times the level reported in the same quarter last year.\u00a0In a filing with the stock exchange, Genting said it was \u201ccautiously optimistic\u201d about the near-term prospects for the leisure and hospitality industry in the markets in which it operates as Covid restrictions are lifted.\u00a0Genting Malaysia operates Resorts World Genting, the country\u2019s only casino. It also has operations in the U.K.; Crockfords Casino in Egypt; Resorts World Bimini in the Bahamas, and Resorts World New York City, while its associate company operates Resorts World Catskills.\u00a0Genting said it will pay a special dividend of 9 sen per ordinary share on March 31. It\u2019s the second Asian operator this week to announce a payout to shareholders after Macau\u2019s Galaxy Entertainment.\u00a0For the year as a whole, Genting Malaysia remained in the red, though its loss narrowed by 55 percent to RM1.051 billion. Revenue for the year was down 8 percent.\u00a0Resorts World Genting reopened on September 30 and the company said it had seen higher business volumes, with revenue up 49 percent to FM961.9 million in 4Q21. The group also recently opened its SkyWorld outdoor theme park, which was a central plank in a major revamp of the property. The attraction is expected to drive visitation to the resort and add to the bottom line.In the U.K. and Egypt, revenue in the quarter surged more than three times the level in 2020 to RM433.2 million as the operations were no longer impacted by the intermittent Covid closures that affected performance in 2020.\u00a0Resorts World New York City saw gross gambling revenue return to pre-pandemic levels, with overall U.S. and Bahamas revenue up 43 percent to RM350.7 million. Empire Resorts also exceeded pre-pandemic gross gambling revenue, Genting said.\u00a0Genting is planning to expand its presence in New York state and said its Resorts World Hudson Valley video gaming facility is likely to open this summer. The group also plans to scale up operations in New York following a $400 million expansion to turn the property into an integrated resort facility. Genting has indicated that it\u2019s positioning itself ahead of the possible issuance of full casino licenses in downstate New York.Empire will also begin mobile sports betting operations in New York.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/18/11/2020/sarawak-police-claim-success-in-busting-online-gambling/", "title": "Sarawak police claim success in busting online gambling", "body": "-The Sarawak Police Contingent has been declared by their colleagues as being particularly proficient in investigating and busting illegal online gambling rings.Sarawak cops one of the best at tackling online gambling (Borneo Post)"} | |
| {"url": "https://agbrief.com/news/malaysia/17/02/2021/genting-reopens-malaysia-properties/", "title": "Genting reopens Malaysia properties", "body": "-Genting Malaysia announced that Resorts World Genting and Resorts World Awana have resumed business after the group temporarily suspended operations at the resorts following the implementation of the Movement Control Order from January 22 to February 4. Resorts World Kijal and Resorts World Langkawi expected to resume operations on February 19.Genting Malaysia\u2019s hilltop casino resumes operation today (The Edge Markets)"} | |
| {"url": "https://agbrief.com/news/malaysia/14/10/2020/resorts-world-genting-open-but-monitoring-latest-outbreak/", "title": "Resorts World Genting open, but monitoring latest outbreak", "body": "-Resorts World Genting says it plans to remain open for now, but is closely monitoring the situation after the government imposed conditional movement control orders on Selangor, Kuala Lumpur and Putrajaya due to Covid-19. The areas are under restrictions from Oct. 14 to 27.Resorts World Genting company advisory"} | |
| {"url": "https://agbrief.com/news/malaysia/22/12/2020/malaysia-dubai-eyed-as-potential-igaming-hosts/", "title": "Malaysia, Dubai eyed as potential igaming hosts", "body": "-Speaking on an Asia Gaming Brief\u2019s \u201cLife After POGOs\u201d webinar, Cherry Interactive General Manager Danny Too said both jurisdictions had emerged as potential hosts.\u201cYou can set up finance, operations, and can even do online marketing out of the Malaysian office, but the key thing is that you get the permission of the federal government,\u201d he told the webinar. \u201cYou can get a place to work and a license from one of the states but you need to go through the central government to go ahead. From the government point of view it\u2019s just a BPO and as long as the games are not being offered in Malaysia, the government is happy to bring in these operators.\u201dThe federal government in Malaysia has been prompted to act in an effort to stamp out rampant online gambling and to collect \u201cbillions of U.S. dollars,\u201d in lost revenue to illegal sources, he said. The economic hit from the Covid-19 pandemic has given further impetus to the process.\u201cMalaysia is a very, very interesting proposition,\u201d he said. \u201cAuthorities have been talking about it, but during the pandemic they have upped the ante and want to get companies in. I have been speaking with 5 to 6 operators who are interested.\u201dHowever, the government wants to ensure that the companies are legitimate and not scammers and will be able to pay both their taxes and employees. They will also be banned from offering services to Malaysia\u2019s Muslim population, Too said, adding that actual regulation is still some way off.\u00a0Live dealer, which is one of the fastest-growing online verticals, will not be permitted in the country, he added.Malaysia has frequently announced high-profile crackdowns on illegal online gambling, with a campaign launched in 2017 touted to be the biggest ever. However, the action has met with little success and Deputy Minister of Communications and Multimedia, Datuk Zahidi Zainal Abidin recently told local media that online gambling had surged under Covid-19.He publicly aired the idea that it may be better to regulate and collect revenue.The government hopes to appoint an official government body to monitor, regulate, and tax the appropriate parties, he told national television channel TV3.\u201cMalaysia also rates favourably to its Asian peers when it comes to the cost of doing business.\u201cHe stressed that Muslim Malays would not be permitted to gamble, but acknowledged the country has a diverse population, with a large number of ethnic Chinese who like to gamble.\u00a0The Philippine Amusement and Gaming Corp (PAGCOR) in July informed the government that Malaysia was offering incentives to its Philippine Offshore Gaming Operator licensees to relocate there.Too says the country is well-prepared to host online gaming companies. It has a well-educated, multilingual population, with many speaking both Chinese and Indian languages.Malaysia also rates favourably to its Asian peers when it comes to the cost of doing business. A recent KPMG survey placed it at number four in the region when it comes to competitiveness. The country outperformed when it comes to hourly compensation costs, real estate costs and corporate tax rates.In August, the government announced an RM21 billion ($5.1 billion) action plan to upgrade its telecommunications infrastructure to ease the rollout of 5G. Under the first phase of the so-called JENDELA plan as many as 7.5 million premises will be enabled with gigabit speed fixed-line broadband; expanding 4G mobile coverage from 91.8 percent to 96.8 percent in populated areas. It will also upgrade mobile broadband speed from 25Mbps to 35Mbps and retirem of 3G networks by the end of 2021.Potential locations in the country include a giant urban development known as Johor Medini.Medini is a 2,300 acres urban township development planned for a population of 450,000 by 2030. It\u2019s the country\u2019s largest single urban development and is expected to be a smart business hub.\u00a0Dubai is also taking a similar approach to Malaysia when it comes to hosting online gambling operators and has a significant advantage in its proximity to India, one of the largest potential markets in the region.\u00a0Too said some major Chinese operators, who are keen to diversify their portfolio away from China are actively looking at the market.The city is home to a large expatriate workforce, in particular from India, providing a potential workforce with strong cultural affiliations with the target market.\u00a0Too said that to date, Dubai has taken the same stance as Malaysia when it comes to live dealer operations, not permitting any physical presence of table set ups on its soil. However, it has not been as emphatic as Malaysia and may reconsider its stance in the future.Aside from its workforce, another major advantage of Dubai is its connectivity. It\u2019s an advanced city and a global aviation hub linking east and west.\u00a0The city, part of the United Arab Emirates, has been hit by the pandemic due to the loss of travel and tourism, which accounts for about 12 percent of its gross domestic product.\u00a0Ratings agency, S&P Global doesn\u2019t expect Dubai to recover to pre-Covid 19 levels until 2023 suggesting it may be open to new business opportunities.Although not a cheap destination, Covid-19 has reportedly brung costs down and a poll by Resonance Consultancy ranked Dubai as the sixth-best city globally to live. The rankings consider 22 factors, such as culinary experiences, museums, and sights and landmarks each city offers, to the number of Global 500 corporations, direct flight connections and mentions each city has on Instagram.On the webinar, Too also highlighted Myanmar as a key destination for many of the companies that fled Cambodia after the ban on online gambling there and as a home for some of the existing POGOs.The country is already home to some new-town mega projects, backed by Chinese money, that are home to multiple gambling operations. These are in border states, falling largely outside of the control of the central government and run by local armies, which hand out online gambling licenses.Recently, the government itself passed a bill legalising casinos in the country in the hope of attracting investment to boost its tourism industry.\u00a0\u201cWatch out for Myanmar, it\u2019s going to be an interesting place to be,\u201d he said."} | |
| {"url": "https://agbrief.com/news/malaysia/13/01/2021/resorts-world-genting-to-cut-capacity-as-covid-cases-rise/", "title": "Resorts World Genting to cut capacity as Covid cases rise", "body": "-Resorts World Genting says its reducing its capacity, cutting its operating hours and closing some facilities due to anticipated lower visitor arrivals amongst Malaysia\u2019s latest round of restrictions to curb rising Covid-19 cases.Temporary changes to offerings at Resorts World Genting (Company filing)"} | |
| {"url": "https://agbrief.com/news/malaysia/25/07/2023/maybank-says-boost-in-malaysian-ringgit-bodes-well-for-genting-share-price/", "title": "Maybank says boost in Malaysian Ringgit bodes well for Genting share price", "body": "-Cited by The Star, the analysts note that foreign nationals tend to buy Genting shares when the ringgit appreciates, selling when the reverse happens.The analysts are of the viewpoint that by the end of 2024, the ringer would recover to 4.15 per US dollar, expecting less interest-rate increases by the US Fed after this year.\u2018While we continue to like it fundamentally as a post-Covid-19 recovery play, more than a decade of historical data tells us that the recovering ringgit is a share price catalyst,\u2019 note the analysts, as cited by the publication.Maybank maintained its \u201cbuy\u201d rating on Genting, however it slightly lowered its target price due to slower-than-expected recovery in both Genting Berhad and Genting Singapore.The group has cut its earnings-per-share estimates by 24 percent for 2023, 8 percent for 2024 and 5 percent for 2025.However, the group does expect earnings to recover to 2019 levels by 2025.\u2018We opine that our investment thesis on Genting as a post-Covid-19 recovery play still holds,\u2019note the analysts."} | |
| {"url": "https://agbrief.com/news/malaysia/21/10/2020/malaysian-govt-losing-myr3b-a-year-to-illegal-syndicates/", "title": "Malaysian government losing US$725 million a year to illegal syndicates", "body": "-The Malaysian government is losing up to MYR3 billion (US$725 million) a year in revenue as illegal gambling syndicates take an ever growing amount of business away from legal number forecast operators.Malaysia loses S$1b a year from illegal gambling syndicates (Straits Times)\u00a0\u00a0\u00a0\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/19/10/2020/online-gambling-suspect-slips-malaysia-police-custody/", "title": "Online gambling suspect slips Malaysia police custody", "body": "-Police have launched a manhunt for a suspect in an online gambling syndicate who escaped custody by climbing over the fence at the Malaysian Anti-Corruption Commission headquarters. Meanwhile, a total of 21 people believed to be involved in illegal lottery, and online gambling were arrested by the Malaysian police in a raid at a condominium in Mont Kiara.Macau Scam suspect sought (Bernama)Cops arrest 21 for illegal lottery, online gambling in Mont Kiara (Malay Mail)"} | |
| {"url": "https://agbrief.com/news/malaysia/21/01/2021/resorts-world-genting-to-close-until-feb-4-on-covid/", "title": "Resorts World Genting to close until February 4 on Covid", "body": "-Genting Malaysia\u2019s Resorts World Genting said it will close up until February 4 due to movement control orders to stop the spread of Covid-19.Resorts World temporary closure (Company notice)"} | |
| {"url": "https://agbrief.com/news/malaysia/15/12/2022/genting-malaysia-prime-beneficiary-of-tourism-recovery-brokerage/", "title": "Genting Malaysia prime beneficiary of tourism recovery: brokerage", "body": "-\u201cUnder the new administration, the tourism segment may benefit as the government capitalises on the sector as a lever to support the domestic currency and economy,\u201d Hong Leong Investment Bank noted.The brokerage believes that \u201cvisitations to RWG have the potential to scale beyond pre-pandemic level given the capacity increase and the more diverse crowd it attracts due to the addition of its theme park.\u201dHong Leong Investment Bank\u2019s report highlighted the upcoming opening of Resorts World Hudson Valley.\u201cThe opening of RWHV is expected to contribute positively to Empire\u2019s earnings in the coming quarters given that it\u2019s a low capital expenditure venture resulting in only marginal incremental depreciation expense post opening.\u201dHong Leong Investment Bank expects \u201cthe group will see a much better FY23 due to the reopening of the 21% remaining hotel room inventory in RWG and SkyWorld capacity increase with two additional rides to bring a total of 20 rides.\u201dFor a review of Genting\u2019s path this year and what lies ahead, check out Daniel Cheng\u2019s half-full glass toast."} | |
| {"url": "https://agbrief.com/news/malaysia/20/10/2020/chinese-arrested-for-operating-online-gambling-in-malaysia/", "title": "Chinese arrested for operating online gambling in Malaysia", "body": "-Forty-eight China nationals suspected of operating online gambling from three condominium units in Kuala Lumpur were arrested on October 16.Police nab 48 China nationals operating online gambling from condo in Ampang (Malay Mail)"} | |
| {"url": "https://agbrief.com/news/malaysia/14/10/2020/hyatt-hotel-planned-for-resorts-world-nyc/", "title": "Hyatt hotel planned for Resorts World NYC", "body": "-Hyatt Hotels and Genting Americas are planning a new 400-room, four-star hotel to be located at Resorts World Casino New York City. The hotel is scheduled to open in 2021.Hyatt Regency JFK at Resorts World New York (Hospitality Net)"} | |
| {"url": "https://agbrief.com/news/malaysia/01/07/2022/gentings-u-s-ggr-tracks-higher-in-3-months-to-may-nomura/", "title": "Genting\u2019s U.S. GGR tracks higher in 3-months to May: Nomura", "body": "-Three-month GGR at Genting Malaysia\u2019s Resorts World New York City was $233 million, up 2 percent year-on-year and 14 percent sequentially. In May, GGR was flat month-on-month, but down 3 percent from the prior year.Nomura said the number of operational video gaming machines in May was 6,220, a decline of 60 machines month-on-month.Resorts World Catskills, which is 49 percent-owned by Genting Malaysia, saw a three-month GGR for the period of $55 million, up 18 percent from last year and 8 percent sequentially. May alone was down 6 percent from April, but up 2 percent from 2021.\u00a0Monthly data isn\u2019t available for Resorts World Las Vegas, which is held directly by the parent company Genting Bhd.\u00a0Nomura takes data from the Las Vegas Strip as a proxy GGR there was $2.1 billion, up 26 percent year on year and 14 percent higher sequentially.Nomura has a buy rating on Genting Malaysia and is neutral on the parent company."} | |
| {"url": "https://agbrief.com/news/malaysia/01/09/2021/rgb-posts-2q-profit-sees-some-recovery-in-gaming-markets/", "title": "RGB posts 2Q profit, sees some recovery in gaming markets", "body": "-Malaysian supplier, RGB International, swung to a profit in 2Q21 and said it sees some signs of recovery in gaming markets, which will lead to a better performance for the year.Total revenue for the period rose 284 percent to MYR55.47 million ($13.3 million). The group posted a profit of MYR1.19 million, compared with a loss of MYR14.42 million a year earlier. The group\u2019s technical support and management division showed the biggest improvement with revenue rising to MYR16.9 million from MYR1.49 million a year earlier. The sales and marketing division saw revenue increase 198 percent to MYR38.1 million. RGB said it sees conditions improving, however it expects markets to remain volatile during the second half of the year as vaccine rollouts continue.\u201cThe group is embarking o a new avenue by optimizing its existing resources to increase revenue during this unprecedented period and at the same time, conducting test simulations on the remote gaming solutions for land-based casinos,\u201d it said. In a Supplier Special report for Asia Gaming Brief\u2019s August magazine, RGB noted that the company is working on unique omni channel solutions.\u201cWe also offer a truly unique online gaming offering which allows players to play real physical EGMs remotely through the use of streamed video, thus increasing machine utilization and profitability,\u201d it said. \u201cThis is not a reproduction of land-based games but an actual real time game play on an actual machine that is equipped with a camera, played via an engaging user interface.\u201d"} | |
| {"url": "https://agbrief.com/news/malaysia/09/04/2021/genting-malaysia-ebitda-revenue-seen-at-pre-covid-levels-by-2022/", "title": "Genting Malaysia EBITDA/revenue seen at pre-Covid levels by 2022", "body": "-Genting Malaysia\u2019s EBITDA is likely to return to its pre-pandemic levels by 2022 and reach 60 percent this year, Standard & Poor\u2019s said.It said the 2021 level would be exceeded in 2022 with travel restrictions easing towards end-2021 as the pick-up in pent-up demand should underpin the resorts and casino operator\u2019s operational recovery.S&P: Genting Malaysia EBITDA and revenue to reach pre-pandemic levels by 2022 (Malay Mail)"} | |
| {"url": "https://agbrief.com/news/malaysia/25/08/2021/genting-downgraded-by-sp-as-recovery-lags/", "title": "Genting downgraded by S&P as recovery lags", "body": "-Genting Group\u2019s credit ratings have been downgraded by S&P Global due to the slower-than-expected recovery in Malaysia, with earnings not now seen recovering until 2023. The credit ratings agency says it has cut its long-term issuer ratings to BBB- from BBB, with an equivalent cut for Genting Malaysia, the operator of Resorts World Genting.In the U.S., the ratings for Resorts World Las Vegas and Genting New York decline to BBB- from BB+.The stronger-than-forecast ramp up in Las Vegas and strong rebound in the U.S. overall are not sufficient to offset the continuing impact of the virus in Malaysia, the firm said.Resorts World Genting has been closed since May. Given the ongoing uncertainty surrounding the reopening, S&P doesn\u2019t expect EBITDA from group companies to get back to pre-pandemic levels until 2023, a year later than originally anticipated.The delayed recovery, coupled with high debt levels, were not enough to support the company\u2019s credit rating. Group debt to EBITDA is expected to remain at 6.0x to 6.2x in 2021 and 3.1x and 3.3x in 2023. The ratio of funds from operations to debt is expected to be 19-21 percent in 2022 and 26-28 percent in 2023. These are beyond the threshold for the BBB- rating, it said.However, S&P maintains a stable outlook on the group on expectations that its credit quality will stabilise. The company is coming to the end of a major investment cycle, which has included a land purchase for an expansion of Resorts World Sentosa in Singapore, investment in a theme park and other assets in Malaysia and expansion in New York. S&P states that the ratings on the group\u2019s units are tied to that of the parent company.\u201cGENT will provide strong long-term support to these group companies, even under stressed conditions,\u201d it said. \u201cThis is mainly due to their strategic importance to the group\u2019s branding and operations.\u201d"} | |
| {"url": "https://agbrief.com/news/malaysia/16/09/2022/maybank-lukewarm-on-gentings-macau-bid-maintains-buy-call/", "title": "Maybank lukewarm on Genting\u2019s Macau bid, maintains buy call", "body": "-Titled \u201cSecond time lucky in Macau?\u201d MayBank\u2019s report highlights that the company failed to secure a casino concession and, 20 years after, is once again in the game.The company has filed for Macau concession under GMM Ltd, which is not a stock market listed entity.\u201cWe are lukewarm on this development as China\u2019s zero COVID policy has hit Macau hard relative to GENM\u2019s existing operations in Malaysia and the west,\u201d the brokerage noted as one of the prime reasons for not being optimistic about Genting being selected for bid.\u00a0Macau gaming revenues have also been subdued by China\u2019s zero COVID policy and are unlikely to return to pre-COVID levels as Macau is now a kind of junket-less journey. Junkets contributed 40 percent of Macau GGR.Yet a strong mass market recovery could be staged if China lifted its zero COVID policy. The brokerage view may change if China lifted its zero COVID policy, the report read.\u00a0\u00a0Seven concessionaires have submitted bids for a new gaming concession for Macau, including the six incumbent operators \u2013 SJM Holdings, Wynn Macau, Galaxy Entertainment, Sands China, MGM China, and Melco Resorts -, whereas the seventh entrant is Genting Group.The new regime envisages six concessions, each running for 10 years. Should GMM be successful, one of the existing concessionaires will lose their concession, which is a low probability scenario.If Genting wins the bid, as per the stipulated terms and conditions for operating gaming activities in Macau vide the new concession, the successful bidder needs share capital of a sizeable MOP5 billion ($618.5 million), as well the management must be delegated to a permanent resident of Macau, and the management representative of the company shall hold 15 percent of the shares of the concessionaire.In the above scenario, GMM Ltd, the company which has bid on behalf of Genting Group having links with Genting Group, is not 100 percent owned by Genting Group, the brokerage report noted.In turn, Maybank is rather positive on Genting\u2019s earnings estimates and maintains a BUY call for shares, keeping the target price of MYR3.27 per share intact, as per the brokerage\u2019s previous report.The brokerage gives BUY calls expecting the return to be above 10 percent in the next 12 months, whereas the HOLD call is given expecting the return between 0 percent to 10 percent in the next 12 months, the brokerage report read.Interestingly, in a span of three years between Sep 2019 to Sep 2022, the brokerage gave 21 calls, of which five were to HOLD, whereas 16 were to BUY."} | |
| {"url": "https://agbrief.com/news/malaysia/22/03/2021/genting-malaysia-subscribes-up-to-us20-million-for-empire-resorts/", "title": "Genting Malaysia subscribes up to US$20 million for Empire Resorts", "body": "-Genting Malaysia\u2019s indirect wholly-owned subsidiary, Genting ER II LLC has entered into a subscription agreement for up to US$20 million of additional stocks of Empire Resorts, according to a company filing.Genting Malaysia to subscribe up to US$20mil of Empire Resorts shares (The Star)"} | |
| {"url": "https://agbrief.com/news/malaysia/31/03/2021/rgb-the-value-of-preventative-care/", "title": "RGB: The value of preventative care", "body": "-A proper electronic gaming machine (EGM) and gaming equipment Preventive Maintenance program protects and prolongs the value of a gaming property\u2019s capital investments. When well executed, a proper Preventive Maintenance program maximizes available play time on the various available offerings by way of minimizing unscheduled downtimes on the EGMs and gaming equipment. Not only do unexpected downtimes cost gaming properties loss of income, they will also create a negative perception of poor service quality over what should have been an otherwise enjoyable and satisfactory experience.RGB, through our Engineering Services arm, provides quality Preventive Maintenance services for EGMs and gaming equipment from all major gaming manufacturers. The Preventive Maintenance program that we offer, can and will be distinctly designed based on the unique operational requirements of individual gaming properties.RGB\u2019s Engineering team is staffed by qualified engineers and has more than 34 years of experience in rendering gaming technical services, executing successful turn-key projects for multiple integrated resorts and casinos, as well as providing casino system maintenance services and consultation in over 10 countries across Asia. We also offer extensive technical repair capabilities which incorporate module and board level repairs, including BGA circuit replacements, refurbishment of power supply units, repairs of flat panel displays and refurbishment of ticket printers as well as note validators."} | |
| {"url": "https://agbrief.com/news/malaysia/07/10/2021/asiabet33-becomes-official-asia-partner-for-fulham-fc/", "title": "Asiabet33 becomes the official Asia partner for Fulham FC", "body": "-Asiabet33 will be the official Asian betting partner for the U.K.\u2019s Fulham Football Club for the remainder of the 2021/2022 season.\u00a0Established in 2017, Asiabet33 is a pioneer for gaming technology in Asia. The organisation\u2019s technological framework has been adopted by various industry players in the market across the continent. Asiabet33 and its subsidiaries currently operate in Malaysia, Singapore, Thailand, Indonesia, and Japan with expansion plans in place for the rest of Asia.\u201cAsiabet33 is thrilled to be partnered with Fulham Football Club\u2019s to service the Asian market. This partnership is a monumental opportunity for us to grow from strength to strength as a prominent player in the Asian gaming technology industry,\u201d said Leo Li, Managing Director and Co-Founder of Asiabet33. \u201cWorking with Fulham provides us with the necessary resources to hone the skill sets of our team members and deliver the best possible experience for our clients.\u201dJon Don-Carolis, Fulham FC Sales Director, said: \u201cWe are delighted to have Asiabet33 on board as our betting partner in the Asian region and look forward to working with them further to develop our global fanbase.\u201d\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/04/10/2021/genting-u-s-operations-strong-to-be-pillar-for-earnings-nomura/", "title": "Genting U.S. operations strong, to be pillar for earnings: Nomura", "body": "-Genting Group\u2019s U.S. operations are seeing strong momentum after reopening and will provide a key pillar for earnings, analysts at Nomura wrote.The firm reiterates its \u201cbuy\u201d rating on Genting Malaysia with a share price of MYR3.50 and a \u201cneutral\u201d rating on Genting Bhd with a target price of MYR5.20.At Resorts World New York City, three-month gross gambling revenue as of the end of August was $229 million, flat on the prior three months, but higher than pre-Covid levels.The resort increased its video gaming machines to 6,444, just under a maximum capacity of 6,500.\u00a0Resorts World Catskills, which is 49 percent owned by Genting, has GGR of $60.9 million, up 30 percent from the prior three months, but 4 percent lower than the same period of 2019.\u00a0Data is not yet available for Gentings\u2019 $4 billion Resorts World Las Vegas, which opened in mid-June. However, Nomura points to strong state and city-wide data as a proxy. In Las Vegas, GGR for the period was $2.03 billion, up 24 percent sequentially and 21 percent higher than pre-Covid.\u00a0\u201cWe believe that reopening momentum in the US casinos has been strong so far, with GGRs in most cases already above pre-COVID-19 levels,\u201d the note said. \u201c This is all the more encouraging as inbound tourism to the US, especially from Asia, continues to be very limited. We believe the US operations will likely remain a key pillar for GENM and GENT\u2019s\ufeff earnings, given the higher vaccination coverage in the US and a lower appetite for strict lockdowns.\u201dGenting Malaysia reopened its Resorts World Genting property on Sept. 30th, but at present visitation will be limited to guests within the home state. The government has said it won\u2019t ease travel restrictions until the country reaches 90 percent vaccination rates.Genting Singapore is open with capacity restraints, though without inbound tourism, analysts don\u2019t see much upside for revenue growth. Resorts World Manila in the Philippines is closed to the general public.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/29/08/2022/genting-malaysia-emerging-stronger-labor-the-limitation-j-p-morgan/", "title": "Genting Malaysia emerging stronger, labor the limitation: J.P. Morgan.", "body": "-GENM\u2019s posted an annualized 2Q22 group EBITDA of RM620mn, at 94 percent of 2019\u2019s full-year figures.\u00a0Malaysia\u2019s cost rationalization during the pandemic brought EBITDA margins back to 35% which is comparable to 2018 levels, pre-gaming tax hike, J.P. Morgan\u2019s note reads. Malaysia (RWG) managed to achieve this result with only 60% of its hotel capacity.\u00a0\u201cWe believe RWG is able to achieve RM3-3.5bn once visitation normalizes, and it reaps the harvest of the Genting Integrated Tourism Plan (GITP), J.P. Morgan expects.The brokerage argues there\u2019s \u201cmore room to drive higher spend/pax.\u201d RWG Malaysia attracted 5.2mn visitations in 2Q22 which is merely 72% of 2019 if annualized. Yet, annualized 2Q22 RWG Malaysia EBITDA is already at 90% of 2019. 2Q22 spend/pax was RM250, 17% lower than pre GITP.\u00a0\u201cThe current limitation is labor which forced RWG to operate at 60% capacity,\u201d the brokerage highlights. RWG has outsourced room keeping and has managed to open up more rooms (7,600 as of today vs. total capacity of 10k). More overnighters will boost spend/pax and thus profit, J.P. Morgan expects.The brokerage also underlines that RWG is diversifying gaming options. In 2Q22, RWG introduced new gaming options that have successfully brought in younger gaming crowds. Sky Avenue is still recovering from the pandemic, and J.P. Morgan expects more shopping options to be available in 4Q22 onwards.J.P. Morgan believes GENM\u2019s post COVID-19 profit recovery should be strong and FY22-25E growth is sustainable as the expansion of outdoor theme park starts to contribute fully.GENM\u2019s growth prospects post-COVID-19 are underpinned by \u201csticky\u201d demand and new facilities, which the brokerage expects should lift visitation by 50%, to 30mn pa by 2023E.\u00a0The opening of the new outdoor theme park, SkyWorlds, \u201ccould lift spend per visitor, as the ticket price is already 70% of historical spend per visitor,\u201d the investors\u2019 note reads, adding that the monopoly dominance, untapped Malay and young local Chinese demand and tourists support J.P. Morgan\u2019s bullish thesis."} | |
| {"url": "https://agbrief.com/news/malaysia/05/01/2021/analysts-upbeat-on-malaysian-gaming-sector/", "title": "Analysts upbeat on Malaysian gaming sector", "body": "-Analysts have turned more upbeat about the prospects for Malaysia\u2019s gambling operators, despite a recent upswing in new Covid-19 cases, saying the sector is good value as stocks are still down between 15 to 26 percent on the prior year.\u00a0In a research note on the outlook for 2021, Nomura said it expects Genting Malaysia\u2019s Resorts World Genting to stage a gradual recovery over coming quarters with a \u201csharp inflection\u201d from 2022 with the opening of its new outdoor theme park.The Genting Highlands resort reopened in June and in Q3, revenue was already at 66 percent and EBITDA 79 percent of prior year levels.\u00a0\u201cThis demonstrates local demand resilience as movement curbs were lifted in 3Q20 (70 percent of Malaysian revenue historically has come from locals), and the effect of cost rationalization undertaken by the group.\u201d\u201cWhile visitation dipped after October movement curbs, it rebounded towards year-end holidays again,\u201d it said.\u00a0Nomura rates Genting Malaysia a \u201cbuy\u201d and sees 24 percent upside for the stock this year.The opening of the long-delayed theme park is seen as a key to driving visitation to the resort and was the crowning glory in the 10-year Genting Integrated Tourism Plan, which began in 2013.Research house Kenanga Research was similarly upbeat, saying it sees strong local casino revenue due to the opening of the outdoor theme park.\u201cIn all, we continue to rate the sector \u2018overweight\u2019 with Genting (TP: RM5.70) as our top pick for its deep value while for income seekers, both NFO players offer above-average yield of more than 5 percent,\u201d it added, referring to number forecast operators Berjaya Sports Toto and Magnum Bhd.The firm said it expects NFO ticket sales to revert to pre Movement Control Order levels in the first half of this year, but said it does expect casino operators to take longer to normalize.\u00a0UOB KayHian Research adds that the gambling stocks all have strong dividend yields, adding to their attractiveness for investors.\u00a0\u201cWhile both the casino and NFO subsectors\u2019 intermediate dividend payouts will be compressed by weaker earnings, investors should gradually price in the gaming sector\u2019s sustainable prospective yields of 4.2 percent to 7.5 percent from FY21 onwards.\u00a0\u201cMeanwhile, we also expect GenM to (pay) out lucrative dividends for 2021, given its lush gross cash of RM3.7 billion (RM0.62/share) and considering parent Genting\u2019s cash needs to complete the construction of Resorts World Las Vegas. This should satisfy investors\u2019 hunger for sustainable high-yield plays in a low interest rate environment and volatile capital market,\u201d the firm said."} | |
| {"url": "https://agbrief.com/news/malaysia/28/02/2022/rgb-swings-to-profit-in-4q21-optimistic-about-recovery/", "title": "RGB swings to profit in 4Q21, optimistic about recovery", "body": "-Malaysia-listed RGB International swung to profit in 4Q21, and says it foresees a relatively stronger recovery in the gaming market in 2022 compared to the prior year period.\u00a0Revenue in the fourth quarter amounted to RM56.6 million, down 4 percent year-on-year, whilst loss narrowed to RM166,000, down from a loss of RM6.7 million in the prior year.\u00a0RGB said its sales and marketing segment of the business gained 3 percent revenue in the quarter due to an increase in the number of products sold and variation in product mix.\u00a0However, the company\u2019s Technical Support and Management segment revenue declined 19 percent, mainly due to a resurgence in Covid-19 cases.\u00a0However the company noted it achieved better operational efficiency in the TSM division, reducing loss before tax by 57 percent in the quarter.\u00a0Looking ahead, RGB said it expects global economic conditions to continue recovering with the progressive roll out of mass vaccination programs and the reopening of borders.\u00a0\u201cHowever, we expect market conditions to remain volatile for 2022 due to the uncertainties amid the fluidity of the COVID-19 situation especially in the countries where the Group operates. Barring unforeseen circumstances, the Group foresees a relatively stronger recovery in the gaming market than the previous year and therefore a better performance for the year 2022,\u201d it said.\u00a0RGB said it will also be continuing to look at new avenues, including expanding its efforts in providing remote gaming solutions for land-based casinos.Full year revenue increased 13 percent to RM216.3 million, whilst its net loss narrowed to RM7.0 million, down from RM29.1 million in the prior year."} | |
| {"url": "https://agbrief.com/news/malaysia/24/02/2023/malaysia-proposes-tougher-laws-to-reduce-job-scams-related-to-online-gambling/", "title": "Malaysia proposes tougher laws to reduce job scams related to online gambling", "body": "-The Malaysian government will consider tightening laws to protect its citizens from being conned by syndicates offering fake job offers abroad, following the country\u2019s Foreign Affairs office receipt of 572 reports involving Malaysian who were victims of \u2018job scam\u2019 syndicates abroad.According to reports, most of the syndicates lure their victims using job ads on social media, including Facebook, by offering positions as customer service officers abroad with lucrative salaries.On arrival, their travel documents are destroyed and the victims are forced to work either as a scammer, or in online gambling operations.Without revealing the detailed policy changes, Malaysian Prime Minister Anwar Ibrahim has pledged to take necessary measures to protect citizens, emphasizing that: \u201cwe have taken a rather tough stand. We also urge Malaysians to be more vigilant and not be easily deceived\u201d.Malaysia is one of the numerous Southeast Asian countries to report that its citizens have been roped into online scams, with even citizens of Hong Kong getting trapped in the online recruitment scams.Authorities have pledged bilateral agreement to crack down on the activities and protect their citizens, while going after the criminal syndicates behind them."} | |
| {"url": "https://agbrief.com/news/malaysia/18/03/2021/uob-kay-hian-names-genting-malaysia-top-pick/", "title": "UOB Kay Hian names Genting Malaysia \u201ctop pick\u201d", "body": "-Research House UOB Kay Hian has named Genting Malaysia as its top stock pick on expectations for a full recovery in 2022 as vaccines are rolled out.UOB Kay Hian bullish on gaming, names Genting top pick (Business Times)"} | |
| {"url": "https://agbrief.com/news/malaysia/15/10/2023/malaysian-police-arrests-almost-2000-people-in-illegal-gambling-crackdown/", "title": "Malaysian police arrest almost 2,000 people in illegal gambling crackdown", "body": "-According to BNN, this special operation was held from September 22nd to October 5th, with 7,761 inspections and 735 raids conducted across the country.Of the total arrests made, 802 individuals were apprehended for online gambling, while a staggering 1,069 people were detained for involvement in non-licensed public lottery activities.Among those arrested, several were allegedly involved in public lotteries and purchasing lottery tickets. Cash, computer equipment, and mobile phones was apprehended by Malaysian authorities during the operation.The operation was described by the Director of the Bukit Aman Criminal Investigation Department as one of the largest crackdowns on illegal gambling in the history of the country, and focused on tackling illegal online gambling and lottery betting.Illegal gambling is said to have caused a total of RM13 million ($2.75 million) in losses for the government.A recent report by the Asian Racing Federation (ARF) and\u00a0The Mekong Club, alleged that Asia represented about 65 percent of global betting volume, legal and illegal, with the illegal market possibly as much as 10 times larger than the legal market."} | |
| {"url": "https://agbrief.com/news/malaysia/12/07/2021/genting-new-york-unit-spent-1-22m-in-new-york-lobbying-in-2020/", "title": "Genting unit spent $1.22m in New York lobbying in 2020", "body": "-Genting New York, a unit of Malaysia\u2019s Genting Group, spent $1.22 million in lobbying efforts in New York in 2020, making it the sixth-biggest spender in the state.The lobbying figures were released in the New York State Joint Commission on Public Ethics\u2019 annual report.The operator, which in June opened its $4.3 billion Resorts World Las Vegas, has been pushing hard to expand in the U.S. and may consider a separate stock market listing there for its assets.It owns Empire Resorts, which runs Resorts World Catskills and Resorts World New York City.2020 annual report"} | |
| {"url": "https://agbrief.com/news/malaysia/04/06/2021/rgb-working-on-remote-gaming-solutions-in-2020/", "title": "RGB working on \u201cremote gaming solutions\u201d in 2020", "body": "-Gaming supplier RGB International Bhd says it has been working on remote gaming solutions for land-based casinos to bolster revenues following emergence of the covid-19 pandemic.\u00a0In a 2020 annual report, RGB said that work on developing the new business model involves conducting test simulations for remote gaming solutions.\u201cRGB is exploring the opportunity to venture within the area of remote gaming solutions as part of our business expansion and an alternative for land-based gaming operators.\u201dCompany release"} | |
| {"url": "https://agbrief.com/news/malaysia/25/07/2022/analysts-forecast-brighter-skies-ahead-for-genting-malaysia/", "title": "Analysts forecast brighter skies ahead for Genting Malaysia", "body": "-Malaysia\u2019s monopoly casino operator has operations in the U.S., U.K., Egypt and the Bahamas, but Malaysia has historically made up the bulk of its revenue. In 1Q22, the most recent figures available, the domestic operations generated MYR921.1 million, compared with MYR358 million in North America and MYR395 million in the U.K. and Egypt.The results were lower than analysts had expected due to slower visitation in Malaysia due to Omicron, especially in March. However, signs are that business will pick up in the second half.Genting Malaysia opened its delayed SkyWorlds theme park in February this year and analysts expect it to be a key driver of visitation to the property.The park is the centerpiece of the MYR10.38 billion ($2.46 billion) Genting Integrated Tourism Plan, which adds new hotel rooms and facilities to Resorts World Genting (RWG). It also increased the size of the casino floor.The $800 million theme park is spread over 26 acres and has nine themed zones. It is ultimately expected to feature 26 attractions, but not all were open in the first half.Analysts at CGSCIMB expect visitation will pick up in the second half of the year as more attractions come online.The firm is expecting 1.5 million visitors this year, rising to 2.3 million next year and 2.5 million in 2023. But it warns that the high start up costs will mean that there is likely to be a hit to Genting\u2019s pre-tax profit of MYR174 million this year, and MYR58 million next, before beginning to boost earnings from 2025.HongLeong Investment Bank cut its forecasts for this year by 34.9 percent and next year by 3.8 percent following the 1Q22 miss. However, analyst Tan Kai Shuen remains upbeat about Genting Malaysia\u2019s prospects.The bank has raised estimates for its target share price to RM3.91 from RM3.69.\u201cWe continue to like Genting Malaysia as we view Resorts World Genting as one of the prime beneficiaries with borders reopening, especially with the addition of the theme park that complements its gaming attraction, making it an attractive tourism spot that could capture visitors from all walks of life,\u201d Tan said.As borders reopen, analysts also say that Genting Malaysia may benefit from the weakness of the Malaysian ringgit.The company has begun actively advertising overseas since the borders reopened on April 1st, especially in Singapore, analysts at CGSCIMB wrote.The Singapore market made up between 10 and 15 percent of all visitors in 2019 and the Singapore dollar this month hit an all-time high against the Malaysian currency.HongLeong\u2019s Tan said the weaker currency may encourage local visitors to stay at home as traveling overseas will be more expensive. Conversely, it may boost foreign tourists and mass-market gamblers as it becomes cheaper than its regional peers.In 1Q22, Genting reached 50 percent of its 2019 gross gambling revenue, with a higher split coming from the VIP market at 55 percent, compared with the pre-Covid normal of about 40 percent to 50 percent, Nomura analysts Tushar Mohata and Alpa Aggarwal wrote.The group\u2019s EBITDA margin fell to 29 percent from 38 percent in the prior quarter, due to higher costs to get customers to the resort and as headcount ramped up to service the facilities.Nomura has cut its forecasts for EBITDA in Malaysia this year by 11 percent and 10 percent next year, but the firm said it sees better quarters ahead. For the group as a whole, the firm raised its forecasts for 2022 EBITDA by 3 percent this year and cut by 1 percent for next, adding it is below consensus estimates.\u201cWe believe that the street might need to factor in new higher finance and depreciation run-rates, potentially leading to earnings cuts,\u201d they said.Malaysia welcomed more than a million tourists in the first two months after its borders reopened on April 1st, already reaching half of the government\u2019s arrivals target for this year. The country was expecting two million visitors for 2022. Tourism, Arts and Culture Minister Nancy Shukri was cited as saying that the majority of the tourists were coming from neighboring Singapore, although the government is also expecting increasing numbers from South Korea, Japan and Iran.BetMakers Technology Group said it has signed an agreement with Royal Sabah Turf Club to deliver a new advanced tote betting system and content management services to its Tambalang Race Course and associated off-course betting network in Malaysia through BetMakers\u2019 Global Tote and Global Racing Network divisions. Under the terms of a new five-year agreement, BetMakers\u2019 Global Tote division will upgrade Royal Sabah Turf Club\u2019s tote system to the Quantum Tote Solution, the world\u2019s most widely deployed pari-mutuel betting system. In addition, BetMakers\u2019 Global Racing Network will hold the exclusive rights to distribute Royal Sabah Turf Club races globally, within both the tote and fixed odds markets."} | |
| {"url": "https://agbrief.com/news/malaysia/07/04/2021/gentings-lim-says-outlook-uncertain-but-will-assess-growth-ops/", "title": "Genting\u2019s Lim says outlook uncertain, but will assess growth ops.", "body": "-Genting Bhd Chairman Lim Kok Thay says he expects global economic conditions to continue to recover and said the group will assess any business opportunities that arise that could complement existing operations or provide new growth.In his letter to shareholders in the group\u2019s annual report, he also said Genting will continue to take proactive measures to improve productivity and efficiency.Although he says there have been signs of nascent recovery in the regional gaming markets, the outlook remains highly uncertain. The company has casino operations in Malaysia, Singapore, the U.S., U.K., Cairo and the Bahamas and is seeking a license in Japan.Genting annual report"} | |
| {"url": "https://agbrief.com/news/malaysia/01/12/2021/rgb-international-posts-narrowed-loss-in-3q21/", "title": "RGB International posts narrowed loss in 3Q21", "body": "-Malaysia-listed RGB International recorded a narrowed loss of MYR5.6 million (US$1.3 million) in 3Q21, attributed mainly to a rise in revenue in the quarter compared to the prior-year period.\u00a0Said revenue reached MYR70.1 million, up from MYR40 million in 3Q21.\u00a0RGB International said this was driven by an increase in revenue from its Sales & Marketing segment \u2013 namely due to an increase in the number of products sold and variation in product mix.\u00a0It also saw a boost in revenue in its Technical Support and Management segment, due to more outlets resuming operations in the quarter.\u00a0Looking to the future, RGB said that it expects global economic conditions to continue recovering, aided by the progressive roll-out of mass vaccination programs and reopening of border restrictions.\u00a0\u201cHowever, we expect market conditions to remain volatile for the remainder of 2021 due to the uncertainties amid the fluidity of the COVID-19 situation especially in the countries where the Group operates. Amidst all these challenges, the Group foresees some recovery in the gaming market and therefore a better performance for the year 2021.\u201d\u201cThe Group is optimizing its existing resources to increase the revenue during this unprecedented period and at the same time embarking on new avenues by implementing remote gaming solutions for land-based casinos in regulated markets. The Group has also put in place stringent health and precautionary measures at all its properties to comply with the relevant standard operating procedures and to ensure the safety and well-being of its employees and visitors at all times.\u201d"} | |
| {"url": "https://agbrief.com/news/malaysia/21/09/2021/genting-highlands-to-reopen-as-malaysia-hits-80-vaccination/", "title": "Genting Highlands to reopen as Malaysia hits 80% vaccination", "body": "-Malaysia\u2019s Resorts World Genting and two other tourism destinations will be given the green light to reopen as the country expands its domestic travel bubble.Tourism Minister Datuk Seri Nancy Shukri said the other two destinations are Pulao Tioman and Melaka.\u201cWe have allotted two weeks, so these destinations can get ready to operate again,\u201d she was cited by local media as saying, adding that the proposal was for the tourism activities to resume by Oct 1.\u00a0The expansion of the tourism bubble, which began with the island of Langkawi last week, came alongside news that Malaysia has now vaccinated 80 percent of its adult population. The government reopened the island of Langkawi in a pilot scheme on Sept. 16, following a similar model to that adopted by Thailand to open up Phuket.Nancy said that so far the operation had been a success, with no Covid cases reported amongst tourists. The ministry is expecting about 200,000 domestic tourists by the end of December, local media reports. UOB Kay Hian in a note last week said it expected the opening of Genting Malaysia\u2019s property to be \u201cimminent.\u201d The property has been closed since June 1st as the country battled another wave of Covid. It warned that the shutdown would have a significant impact on business. "} | |
| {"url": "https://agbrief.com/news/malaysia/19/10/2023/maybank-lowers-genting-malaysias-fy24-forecast-by-4-percent-due-to-service-tax-rate-hike/", "title": "Maybank lowers Genting Malaysia\u2019s FY24 forecast by 4 percent due to service tax rate hike", "body": "-\u2018The two percentage point service tax rate hike caused us to trim our FY24E/FY25E earnings estimates,\u2019 according to Maybank\u2019s latest investment memo.\u2018Longer term, the negative impact may be moderated by multiple remedial measures. Moreover, the slew of tourism-friendly measures that were tabled during the same Budget 2024 is positive for Genting Malaysia. Other catalysts are securing a full casino license in New York City and writing back its Mashpee Wampanoag investment.\u2019Malaysia\u2019s Budget 2024 was tabled on October 13th, and the service tax rate will be raised to 8 percent from 6 percent currently, starting from March 1, 2024.Analyst Samuel Shao Yang Yin points out that one of the taxes that Resorts World Genting (RWG), which traditionally contributes over 80 percent to group earnings, pays is the service tax.\u2018Recall that RWG bears the service tax for gamblers. For RWG, the service tax is currently calculated as (gross gaming revenue \u2013 casino tax) X 6/106. Thus, the increase in service tax rate by two percentage points is effectively a gaming tax hike for RWG.\u2019Based on the calculation, the broker believes the impact of Genting Malaysia from the service tax hike is \u2018while noticeable, minimal by our estimation.\u2019\u2018Moreover, RWG can cut junket commission rates or direct VIP rebates rates, raise hotel room rates, delay salary increments, and ration water and energy consumption to moderate the impact of the service tax hike.\u2019The same budget plan also designated 2026 as a Visit Malaysia Year (VMY), targeting 26.1 million foreign tourists and MYR97.6 billion ($20.5 billion) in tourism expenditure. MYR350 million ($73.4 million) will be set aside to boost tourism promotion and activities in 2024, and the issuance of visas-on-arrival, social visit passes, and multiple-entry visas will be eased.\u2018We hope the current 15 percent shortfall in RWG visitor arrivals relative to 2019 will be narrowed with more tourists from major source markets like China and India. Pre-COVID, 40-50% of Chinese tourists visit RWG.\u2019RWG is expanding via the Genting Integrated Tourism Plan (GITP). The GITP involves 1,536 hotel rooms, an outdoor theme park, an indoor theme park, a mall, a plaza, and a new cable car line.Regarding the financial metrics, Maybank forecasts Genting Malaysia\u2019s FY23 EBITDA to grow by 18 percent YoY as more rooms for gamblers are made available at RWG. The forecast for FY24 EBITDA is to grow by another 19 percent YoY as the COVID-19 pandemic fully subsides. \u2018We expect the balance sheet to remain in net debt as GENM has been more progressive in paying dividends.\u2019"} | |
| {"url": "https://agbrief.com/news/malaysia/24/11/2020/malaysia-regulates-electronic-advertising-of-gambling-industry/", "title": "Malaysia regulates electronic advertising of gambling industry", "body": "-The Communications and Multimedia Content Forum of Malaysia has issued industry guidelines to provide clarity on certain advertisements, including a provision that advertisements directly encouraging any form of gambling are not acceptable.Industry Guideline for the Advertisements of Unacceptable Products and Services (Gambling or Betting) (release)"} | |
| {"url": "https://agbrief.com/news/malaysia/07/01/2022/genting-malaysia-theme-park-opening-likely-delayed-to-feb-cny-seen-as-strong-maybank/", "title": "Genting Malaysia theme park opening likely delayed to Feb., CNY seen as strong: Maybank", "body": "-The opening of Genting Malaysia\u2019s SkyWorlds theme park has been delayed again to coincide with the Chinese New Year in February, which is likely to be positive for the operator, according to Maybank research.The park, which is expected to be the key draw in the revamped Resorts World Genting, was due to open on Dec. 10th, but was delayed as the company is ironing out software issues, the investment bank wrote. Despite the failure to open the theme park, visitation to the resort was strong over the Christmas period, it notes.Maybank said that according to the Google Mobility Retail & Recreation Index, which measures interest in retail and recreation relative to pre-Covid times, shows that Malaysians are more comfortable outdoors today, which is positive for Genting. Internet search trends also show that \u201cRWG\u201d is front of mind for many Malaysians during holidays.The country has a high vaccination rate and the number of hospitalisations and deaths has eased. Therefore as long as Omicron is kept at bay, the upcoming holidays are likely to be strong, the bank said. Maybank has a Buy rating on Genting Malaysia, with a slightly lower price target of MYR3.38 down from MYR3.40 previously. SkyWorlds is expected to be loss making, at least initially, the bank said. Therefore it has raised its estimates for 2021 earnings. It now expects the loss before interest and tax to be 2 percent narrower due to the deferred opening.Maybank has trimmed its earnings forecasts for 2022 and 2023 by five and 6 percent respectively. Analysts are expecting a brighter future for Genting Malaysia as the theme park is forecast to drive visitation, even if in itself it will be loss making. The Malaysian operator reported a 42 percent drop in\u00a03Q21\u00a0revenue to MYR826.3 million ($194.8 million), while its net loss narrowed to MYR289 million from MYR705 million a year earlier. The group got strong support from its overseas operations, but Covid lockdowns at home pushed its Malaysian operation to an EBITDA loss of MYR165 million from a profit of MYR425 million a year earlier.The group as a whole was EBITDA-positive at MYR62 million, down from MYR301 million a year earlier."} | |
| {"url": "https://agbrief.com/news/malaysia/15/10/2021/genting-debt-reduction-on-track-despite-slow-earnings-recovery/", "title": "Genting debt reduction on track despite slow earnings recovery", "body": "-Genting Bhd is on track to reduce its leverage by the end of 2023, even though EBITDA in its primary markets of Malaysia and Singapore is unlikely to reach pre-pandemic levels until 2024, Fitch Ratings said.The firm said its expectations for debt reduction is based on a swift recovery in the U.S. market, lower capital spending from next year and a gradual recovery in Malaysia and Singapore.\u201cAll of Genting\u2019s key operating markets have a high vaccination rate, which suggests a return to strict lockdowns is unlikely and therefore supports our recovery estimates for the issuer.\u201dHowever Fitch also noted that the next six to nine months are \u201ccritical\u201d in providing visibility on the sector\u2019s recovery. Government\u2019s are likely to provide clearer indications of their border and travel policies, which will determine if visitor levels can return to normal, or whether they are unlikely to return to pre-pandemic levels.The transition towards living with Covid in Singapore and Malaysia and handling of movement controls or border closures are key risks to our recovery expectations,\u201d it said. \u201cProlonged curbs will mean structural challenges for operators to achieve pre-pandemic visitor levels.\u201dResorts World Genting in Malaysia was allowed to reopen on Sept. 30 after being closed for four months, while Resorts World Sentosa in Singapore has been mostly open this year, but is operating with capacity restrictions.Analysts expect the Malaysian arm to show a faster rebound as it is less reliant on foreign tourism. Malaysia has also now allowed interstate travel, which is seen as giving a further boost.Fitch rates Genting Bhd at BBB. It says its deleveraging will be helped by a 50 percent reduction of its share of capex from 2022. The agency is assuming capex for a $4.5 billion dollar expansion of the Singapore IR will be evenly spread out or even delayed until 2023 if the company faces construction constraints due to Covid.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/23/02/2021/genting-malaysias-800m-theme-park-to-open-in-q2/", "title": "Genting Malaysia\u2019s US$800 million theme park to open in Q2", "body": "-Genting Malaysia said it\u2019s putting the finishing touches on a long-awaited US$800 million outdoor theme park, which it\u2019s planning to open in Q2 this year.Genting invests over S$1 billion in theme park, plans Q2 launch (Straits Times)"} | |
| {"url": "https://agbrief.com/news/malaysia/27/12/2020/malaysians-complain-police-not-taking-action-on-gambling-drugs/", "title": "Malaysians complain police not taking action on gambling, drugs", "body": "-Malaysia\u2019s Department of Integrity and Compliance Standards (JIPS) of the Royal Malaysia Police says it continues to receive many complaints from the public alleging the police are failing in their responsibilities to enforce the law, especially against illegal gambling and drug trafficking.Many complaints launched against police not taking action against drugs, gambling syndicates (Malay Mail)\u00a0\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/08/11/2021/malaysia-reviewing-gambling-laws-to-keep-pace-with-rising-online-activity/", "title": "Malaysia reviewing gambling laws to keep pace with rising online activity", "body": "-Malaysia is reviewing its gambling laws to ensure they are effective against illegal online activity amidst evidence of a spike in cases during Covid. Deputy Home Minister Datuk Seri Ismail Mohamed Said\u00a0was cited by state news agency Bernama as saying that the Ministry of Finance is undertaking the review. It is seeking to ensure that the laws are up to date with the changing ways in which illegal syndicates work. He said a total of 2,294 charges involving online gambling were recorded nationwide in 2019; 2,911 charges in 2020; and 2,165 this year.The Malaysian government has been seeking to crackdown on illegal gambling for years, carrying out regular campaigns to stamp out the activity. Up to March this year, the Malaysian Communications and Multimedia Commission said it has blocked 2,195 online gambling websites and terminated 19,765 telephone lines for sending spam SMS messages promoting gambling.However, online gambling continues to thrive. "} | |
| {"url": "https://agbrief.com/news/malaysia/19/05/2021/rgb-swings-to-q1-loss-on-56-revenue-drop/", "title": "RGB swings to Q1 loss on 56% revenue drop", "body": "-Malaysian supplier RGB swung to a loss in Q1 on a 56 percent drop in revenue as Covid control measures hit its technical support services and sales fell.It\u2019s loss was MYR4.78 million compared with a profit of MYR3.69 million a year earlier. Revenue was MYR34.1 million.The group said, barring unforeseen circumstances, it expects conditions to improve as the year progresses.Company filing"} | |
| {"url": "https://agbrief.com/news/malaysia/01/06/2023/malaysia-to-push-gambling-laws-review-says-prime-minister/", "title": "Malaysia to push gambling laws review says Prime Minister", "body": "-The initiative was previously suggested by Deputy Minister of Home Affairs, Datuk Seri Ismail Mohamed in November 2021. He said a total of 2,294 charges involving online gambling were recorded nationwide in 2019; 2,911 charges in 2020; and 2,165 in 2021.The Malaysian government has been seeking to crack down on illegal gambling for years, carrying out regular campaigns to stamp out the activity.\u00a0According to the Prime Minister, at least four laws related to gambling in the country are under evaluation, as the last amendment of the laws was made in 2001.The Malaysian PM considers that \u201ca review is not only warranted but well overdue as the internet has made gambling easily accessible through local and offshore online gambling websites.\u201dMalaysia, a Muslim-majority nation, is unusual in its regulation of various forms of gambling. Lotteries are permitted in Malaysia by the Lotteries Act in 1952, and horse racing was legalized in 1961. However, sports betting was forbidden by the Betting Act of 1953.Kedah state triggered criticism after banning 4D lottery sale points and immediately revoking licenses on January 1, 2023. Some opponents argued this would force foreign investors to look to foreign countries and players for illegal options to gamble.Resorts World Genting, the sole licensed gambling facility in Malaysia, is set in the Genting Highlands Resort. Genting Malaysia recorded revenue of $496.51 million in the first quarter of this year.\u00a0According to local media, two of the 10 richest billionaires in Malaysia are linked to the gaming industry. Dr Chen Lip Keong, owner of NagaCorp and Karambunai was classified as the 6th richest individual in the nation, with a net worth of $2.8 billion. Malaysia\u2019s 7th richest person is the well-known Genting Group boss Lim Kok Thay."} | |
| {"url": "https://agbrief.com/news/malaysia/21/06/2022/genting-malaysia-says-skyworld-attractions-rollout-a-focus/", "title": "Genting Malaysia says SkyWorld attractions rollout a focus", "body": "-In an investor presentation this month, Genting said it intends to maximize yield at its Malaysian property by intensifying database analytics and targeted marketing efforts.\u00a0It also plans to boost operational efficiencies and improve the quality of guest experience.Malaysia\u2019s monopoly casino operator, which derives the majority of its revenue from its domestic operations, opened its delayed SkyWorlds theme park in February this year, which analysts expect to be a key driver of visitation to the property.The park is the centerpiece of the MYR10.38 billion ($2.46 billion) Genting Integrated Tourism Plan, which adds new hotel rooms and facilities to Resorts World Genting (RWG). It also increased the size of the casino floor.\u00a0However, the ramp up has been slower-than-anticipated and only about three-quarters of its attractions are open.A progressive rollout of the remaining rides is a \u201cfocus\u201d it said.\u00a0Genting Malaysia also has properties in the U.K., Egypt, North America and the Bahamas.The U.S. has been a key focus, where it says it\u2019s seeking to reinforce its position as the leading operator in the northeast region.It plans to intensify its marketing efforts to expand the U.S. customer base.\u00a0It also plans to leverage improved facilities at its Resorts World New York City and its expanded product offerings to drive business volumes.The U.S. has seen a strong recovery, with gross gambling revenue mostly solidly above pre-pandemic levels.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/15/07/2021/berjaya-to-sell-sports-toto-business-in-corporate-overhaul/", "title": "Berjaya to sell Sports Toto business in corporate overhaul", "body": "-Malaysia\u2019s diversified Berjaya Corp. said it plans to sell its Berjaya Sports Toto number forecasting business as part of a corporate overhaul.The company wants to shed the business as it\u2019s in a highly regulated market, CEO Abdul Jalil Abdul Rasheed was reported as saying on a virtual conference.He added Berjaya is not in a hurry to sell as the unit produces good dividends, but will carry out the sale when the price is right.The Edge Markets"} | |
| {"url": "https://agbrief.com/news/malaysia/30/07/2021/rgb-developing-omni-channel-solutions/", "title": "RGB: Developing Omni channel solutions", "body": "-RGB prides itself in our successful track record in the industry, where we continually evolve to deliver innovative and high-quality gaming solutions. We recognize the fact that to meet the ever increasing demands of the gaming market, especially now in this new era of digital convergence, gaming solution providers such as us must remain agile and respond to the ever-changing situation.With this firm belief in mind, we have collaborated with top-class digital gaming solution providers to offer best-of-breed solutions which converge land-based gaming operations with engaging digital experience, thus allowing casino operators to provide a truly omni-channel gaming experience to their patrons.\u00a0Together with our partners, we offer a fully secured, all-in-one open gaming platform with electronic games, live streaming table games and many other online gaming offerings. This open gaming platform also provides for a simple integration with the operators\u2019 casino management system (CMS) and the entire solution comes as a \u2018Casino-as-a-Service\u2019 total package.We also offer a truly unique online gaming offering which allows players to play real physical EGMs remotely through the use of streamed video, thus increasing machine utilization and profitability. This is not a reproduction of land-based games but an actual real time game play on an actual machine that is equipped with a camera, played via an engaging user interface.These collaborations expand RGB\u2019s well-established, value-added solution portfolio, strengthening our focus on offering products that enhance customer experience and operational efficiencies."} | |
| {"url": "https://agbrief.com/news/malaysia/25/03/2021/berjaya-ceo-buys-stake-plans-to-restructure-group/", "title": "Berjaya CEO buys stake, plans to restructure group", "body": "-Berjaya Group\u2019s new CEO Abdul Jalil bin Abdul Rasheed has bought 70 million shares in the company at 28 sen a share and plans to restructure the Malaysian group whose interests span from gaming through to hotels, insurance and cars.Berjaya rallies as new CEO buys stake amidst pledge to restructure firm (Bloomberg)"} | |
| {"url": "https://agbrief.com/news/malaysia/08/06/2021/resorts-world-genting-seen-closed-for-three-months-theme-park-in-dec/", "title": "Resorts World Genting seen closed for three months, theme park in Dec.", "body": "-Genting Malaysia\u2019s Resorts World Genting is likely to be closed for three months due to the latest Covid outbreaks, with the opening of its highly anticipated outdoor theme park pushed back until December, according to Maybank Research.This is the third lockdown for Malaysia\u2019s only casino resort, which closed on Mays 31st, and as a result the firm has widened its estimate for the core net loss by 76 percent to MYR676 million."} | |
| {"url": "https://agbrief.com/news/malaysia/24/02/2023/genting-malaysia-sees-88-82-million-loss-in-4q22-despite-549-million-in-revenue/", "title": "Genting Malaysia sees $88.82 million loss in 4Q22 despite $549 million in revenue", "body": "-The figure comes despite a 28.8 percent revenue increase year-on-year, to RM2.43 billion ($548.9 million), the majority of which was derived from its Resorts World Genting (RWG) property, the only licensed casino in Malaysia.The group\u2019s adjusted EBITDA declined, however, by 36 percent annually, to RM472.9 million ($106.62 million), with its Malaysia property contributing RM467.3 million ($105.35 million) \u2013 a rise of 30 percent annually.Revenue from the leisure and hospitality business in the country rose by 65 percent, to RM1.58 billion ($357.84 million) \u2018largely attributable to the overall higher volume of business registered at Resorts World Genting\u2019 due to the ramp up of business after COVID, reopening of borders and launch of the SkyWorlds theme park in early 2022.For the whole year, the group saw Malaysian revenue more than triple, to RM5.21 billion ($1.17 billion), also due to the \u2018overall higher volume of business\u2019 at Resorts World Genting and a strong yearly comparison due to COVID restrictions in 2021.Adjusted EBITDA for 2022 totaled RM2.11 billion ($477.2 million), up 191 percent yearly, while it strongly narrowed its loss to RM519.97 million ($117.22 million), from RM946.83 million ($213.46 million) in 2021.Looking ahead, the group notes that \u2018in Malaysia, economic growth is expected to continue albeit at a slower pace, supported by domestic demand\u2019.It notes that it \u2018will continue to focus on ramping up its operations at RWG to pre-pandemic capacity\u2019 and is working to \u2018attract incremental foreign visitation to the resort\u2019 as travel restrictions in the region are relaxed.It furthers that the company \u2018continues to be cautiously optimistic on the near-term outlook of the leisure and hospitality industry and remains positive in the longer-term\u2019.The group\u2019s Malaysian property comprises seven hotels, with 10,500 rooms, as well as gaming, a theme park and business convention facilities."} | |
| {"url": "https://agbrief.com/news/malaysia/09/08/2021/genting-stock-jumps-as-malaysia-eases-restrictions/", "title": "Genting stock jumps as Malaysia eases restrictions", "body": "-Shares in Genting Malaysia jumped 4 percent on Monday after the government announced some easing of its strict Covid-control restrictions.Genting\u2019s Resorts World Genting casino has been closed since the end of May as the country reported rising cases in its worst outbreak of the pandemic.The government announced that restrictions will be eased in eight states from Tuesday for people who are fully vaccinated. The states include Pahang, which is home to Resorts World Genting, and are home to about half of the total population. The measures will allow dining in at restaurants, outdoor individual sports and interstate tourism.The Kuala Lumpur capital region and Selangor are not included as case rates remain high. The government said the easing was made possible by higher vaccination rates, which are reducing the impact of Covid on the health system. As of August 8th, about half of the entire population had received at least one dose of the vaccine. In a recent note, Nomura said it expected Malaysia to achieve 70 percent vaccination rates by the end of the year. The analysts have Genting Malaysia among their top picks on expectations for a boost from pent-up demand. The easing of restrictions comes despite Malaysia recording a seven-day average for Covid infections of more than 18,000. It posted 18,688 new cases on Sunday. Genting has not yet indicated whether its resort will open. When the closure was announced, analysts at Maybank said they expected the closure to last for three months. However, they didn\u2019t see the shutdown to be as harmful as in 2020 as other properties around the world, including the U.S. are opening and able to cushion the impact. "} | |
| {"url": "https://agbrief.com/news/malaysia/15/11/2021/malaysia-plans-to-open-to-intl-tourists-on-jan-1/", "title": "Malaysia plans to open to international tourists on Jan 1", "body": "-Malaysia is considering opening its borders to international travellers on January 1 next year in a bid to accelerate the country\u2019s economic recovery.\u00a0Malaysia\u2019s National Recovery Council chairman Tan Sri Muhyiddin Yassin on Thursday said the Special Committee on Pandemic management will identify countries with high vaccination rates against Covid-19 and will permit its citizens to travel to Malaysia.\u00a0He said the decision to reopen the borders is due to Malaysia\u2019s high-immunisation rates with 95 percent of the adult population now fully vaccinated.\u00a0\u201cOur tourism sector will suffer losses of almost RM90mil if the borders were to remain closed. That is how much revenue the country can generate from the tourism industry,\u201d he said.In related news, as of today, Malaysia has opened up its international travel bubble for Langkawi, home to Genting\u2019s Resorts World Langkawi. This would allow fully vaccinated foreign tourists to enter the island and holiday without the need for quarantine.\u00a0Travelers must plan a visit of at least three days on the island, have travel insurance covering at least $80,000 and are required to engage a local tour guide."} | |
| {"url": "https://agbrief.com/news/malaysia/26/04/2022/malaysia-gaming-sector-prospects-looking-increasingly-certain-rhb/", "title": "Malaysia gaming sector prospects looking \u201cincreasingly certain\u201d: RHB", "body": "-The prospects for Malaysia\u2019s gaming industry are looking \u201cincreasingly certain\u201d as the country moves into the endemic phase of Covid, said RHB Research, which has an overweight rating on the sector.The research firm said its top pick is conglomerate Genting Bhd, with Magnum Bhd its favorite amongst the country\u2019s number forecasting operators (NFOs), according to local media reports.Genting Bhd will benefit from a recovery at both its Genting Malaysia and Genting Singapore units, as well as the ramp-up of Resorts World Las Vegas. It will also benefit from the high exposure of its plantations unit to rising crude palm oil prices.\u201cForeign investors may also find Genting\u2019s regional and U.S. exposure an attractive alternative to the Macau gaming sector,\u201d RHB was cited as saying.\u00a0RHB said Resorts World Genting has shown a stronger-than-expected recovery in 4Q21 and although the rise of Omicron will have dampened visitation in February and March, it should see stronger numbers moving forward.The Malaysian operator reported net profit of RM124 million ($29.5 million) compared with a loss of RM285.1 million in the same quarter a year earlier. There was an 81 percent jump in revenue in the quarter to RM1.88 billion.\u00a0Adjusted EBITDA was RM738.1 million, more than four times the level reported in the same quarter last year.\u00a0The firm said ticket sales for the NFO operators had been slow in the final quarter, but are now improving and have returned to about 85 percent of pre-pandemic levels.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/28/10/2021/genting-skyworlds-opening-to-drive-stronger-visitation-at-rwg-analysts/", "title": "Genting SkyWorlds opening to drive stronger visitation at RWG: Analysts", "body": "-The opening of the new outdoor theme park Genting SkyWorlds at Resorts World Genting is expected to bring \u201chigher than expected\u201d visitor arrivals to the property as early as November, according to analysts at RHB Research, reported by The Star.\u201cWe understand that the theme park is ready to commence operations anytime soon and believe it could happen in November, which will be timely to capture the pent-up demand post reopening in the run-up to the year-end holidays,\u201d said the analysts in a report.The firm said that following a recent visit to the property, it was encouraged by the crowd.\u00a0The firm noted that all tables on the first floor of SkyCasino were open with around 3-7 people per table, and that there was a long line for the SkyCasino guest service counter as many were applying for new memberships due to pent up demand.\u00a0They also witnessed decent footfall at the SkyAvenue mall. Though the numbers have not yet reached pre-pandemic levels with some facilities still closed.After closing on June 1, 2021 to help fight the spread of Covid-19, Resorts World Genting reopened months later on a limited basis on Sept. 30. As Malaysia\u2019s vaccination rates continue to climb, more visitors are expected to be able to visit the entertainment hot spot.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/26/02/2021/genting-malaysia-posts-positive-2020-ebitda-despite-revenue-plunge/", "title": "Genting Malaysia posts positive 2020 EBITDA, despite revenue plunge", "body": "-Genting Malaysia reported positive adjusted EBITDA of RM350.3 million for 2020 despite seeing a 56 percent drop in revenue due to the Covid-19 pandemic.Genting Malaysia Q4/2020 results (Company filing)"} | |
| {"url": "https://agbrief.com/news/malaysia/29/01/2021/maybank-retains-buy-on-genting-singapore/", "title": "Maybank retains \u201cbuy\u201d on Genting Singapore", "body": "-Maybank Kim Eng\u2019s Yin Shao Yang is keeping his \u201cbuy\u201d call and 95 cents target price on Genting Singapore, following 4QFY2020 earnings reported by Las Vegas Sands Corp.Maybank\u2019s Kim Eng keeps Genting Singapore at \u201cbuy\u201d (The Edge)"} | |
| {"url": "https://agbrief.com/news/malaysia/06/07/2022/rwlv-tipped-for-stronger-second-half-as-las-vegas-tourism-gains-hongleong/", "title": "RWLV tipped for stronger second half as Las Vegas tourism gains: HongLeong", "body": "-The resort, which opened last year, had a slow first quarter due to an ongoing mask mandate and rising Omicron cases. However, March saw a strong recovery and that continued into April and May with visitor volumes to Las Vegas close to pre-pandemic levels at 95.5 percent and 93.4 percent respectively.\u201cRWLV, which has an Asian-inspired design and features several Asian-themed attractions such as a Southeast Asian themed outdoor pool, Singapore-based night club Zouk, Asian restaurants Fuhu and Genting Palace, would likely be able to attract and benefit from the return of Asian visitors,\u201d analyst Tan Kai Shuen wrote.\u00a0The resort, which has had relatively low mid-week occupancy, is also likely to benefit from the return of travelers to the Las Vegas Convention Center, which is located nearby.\u00a0HongLeong has a Buy rating on Genting stock and said the company will provide exposure to RWLV, which will have strong growth potential in the longer term.\u00a0The resort opened on June 24th, 2020. The $4.3 billion property will be the largest on the Las Vegas Strip and the first from the ground up resort to open in more than a decade."} | |
| {"url": "https://agbrief.com/news/malaysia/24/06/2022/malaysia-still-mulling-online-gambling-regulation-to-stop-tax-bleed/", "title": "Malaysia still mulling online gambling regulation to stop tax bleed", "body": "-Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin told The Star newspaper that the government is looking at amending the Common Gaming Houses Act 1953 to allow online games involving \u201cbetting\u201d and \u201cgift offers\u201d to be regulated.The report said the law is under the jurisdiction of the Ministry of Finance, which was approached about two months ago with proposals to make the changes. The Prime Minister\u2019s Department is waiting for a response from the MOF on the issue.The newspaper reported Datuk Seri Wan Junaidi Tuanku Jaafar, a separate minister in the Prime Minister\u2019s Department as saying reform to the gambling law is long overdue and outdated.The law dates back to 1953 and has no provision for online gambling.Wan said the taxes could be used to help rebuild infrastructure.\u201cThese taxes can be used to solve many problems\u2026issues with roads, drains and other, but the government is unable to do so as it doesn\u2019t have a mechanism.\u201dMalaysia has sought to crackdown on illegal gambling for years, launching successive campaigns to stamp out the practice. However, in the Covid crisis triggered a change of heart as the country sought ways to shore up its economy.Zahidi first mooted the idea in November last year.\u00a0However, industry insiders in Malaysia has said the volatile political situation in the country is hindering progress. The country will need a united political front to push through the changes and at present that\u2019s not the case.\u00a0According to reports, The Election Commission has begun gearing up for the next general election as some politicians push for polls to be brought forward to this year, instead of the September 2023 deadline.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/08/05/2023/genting-malaysia-raising-112-million-to-finance-development-redevelopment-of-irs/", "title": "Genting Malaysia raising $112 million to finance development/redevelopment of IRs", "body": "-In a statement to the Malaysian bourse, the group notes that the funds will be raised via medium term notes, with the first tranche of RM250 million to carry a term of five years, at a rate of 5.07 percent per year.The second tranche comprises RM150 million, for seven years at 5.35 percent, while the third comprises RM100 million, for 10 years, at 5.52 percent.The funds comprise a larger RM5 billion program the group has been engaged in since 2014.The proceeds follow other capital-raising efforts by Genting, such as the sale of four land parcels in Miami, which netted the company $967 million, even as it ramps up its efforts to bid for a New York casino license."} | |
| {"url": "https://agbrief.com/news/malaysia/12/10/2020/little-upside-seen-for-genting-group-stock/", "title": "Little upside seen for Genting group stock", "body": "-There\u2019s little current upside seen for the stock price of the sprawling Genting Group empire, with both the parent company and its Genting Malaysia unit at risk of losing their place on the benchmark FBM KLCI index.According to Maybank Research, the market capitalization of the two companies has fallen significantly due to the impact of Covid-19. Genting Malaysia is now ranked in #35 position, while Genting is at #33. They\u2019re likely to be replaced on the index by glovemakers Supermax and Kossan, which have risen to #20 and #24 respectively.The index is scheduled for review in Nov./Dec. and any changes are likely to become effective from Dec. 21st.Maybank has a Hold rating on Genting and is ascribing a wider discount to its sum of the parts share price valuation of 55 percent, compared with 50 percent previously.Explaining its rationale, the firm said at present, it\u2019s assigning zero valuation to the company\u2019s $4.3 billion Resorts World Las Vegas property, which is scheduled to open next summer, due to the pandemic situation in the U.S.\u201cIf the Covid-19 pandemic does not stabilize by the time RWLV opens in the summer of 2021, we fear it will generate losses,\u201d it says.The research group also points to other unfavourable factors that have caused the share price to sum of the parts discount to widen in recent years. These include a 10 percentage point hike in casino duties that came into effect in January 2019 for Genting Malaysia, coupled with a 50 percent increase in casino entry fees in Singapore, which has eroded Resorts World Sentosa\u2019s local visitor base at a time while its business has been hit by the decelerating Chinese economy.A long history of related party transactions has also made investors wary of the group\u2019s equity and could potentially weigh on earnings.The latest was the acquisition of a 49 percent stake in loss-making Empire Resorts in the fourth quarter of last year from Genting\u2019s controlling shareholder, the Lim family. Maybank reckons this will add more than MYR100 million in losses per annum.Genting gets between 80 to 90 percent of its revenue from its casino operations through Genting Malaysia and Genting Singapore. As a result of plunging visitation, group wide EBITDA is likely to be down 70 percent this year, before seeing a 154 percent rebound next year.\u00a0Maybank has an MYR3.26 share price target on the group and sees less than 10 percent upside potential.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/05/07/2021/rgb-coo-disposing-of-shares/", "title": "RGB COO disposing of shares", "body": "-The Chief Operating Officer of Malaysia\u2019s RGB International is making a further disposal of shares, selling off 500,000 ordinary shares.No specific reason for the sale was given in the company\u2019s announcement, but the company COO, Steven Datuk Lim Tow Boon, made a similar disposal in May, also of 500,000 shares.The moves come as RGB tries to return its stock price to the highs seen in 2019, which crashed in March of 2020 amongst the effects of the pandemic.RGB recorded a loss of some MYR4.4 million ($1.1 million) during the first quarter of the year, a 200 percent decline from the MYR4.6 million in profit in the same quarter of 2020.Amongst the downturn in customer volume at land-based casinos, the company recently announced that it was exploring a \u201cremote gaming solution\u201d, targeting operators of land-based casinos.(announcement)"} | |
| {"url": "https://agbrief.com/news/malaysia/#", "title": "Malaysia", "body": ""} | |
| {"url": "https://agbrief.com/news/malaysia/31/03/2021/genting-group-credit-rating-confirmed-outlook-remains-negative/", "title": "Genting Group credit rating confirmed, outlook remains negative", "body": "-Moody\u2019s has reaffirmed the credit ratings of Genting Bhd and Genting Singapore, but said the outlook remains negative due to the uncertainty regarding the pace of recovery.The ratings agency points out that Genting, one of the world\u2019s largest casino operators, has good access to funding, which will help provide support even though cash flow from its integrated resorts worldwide remains weak.Genting\u2019s Malaysian unit has the monopoly casino license in Malaysia, while it holds duopoly in Singapore. The group is opening a more than $4 billion resort in Las Vegas later this summer, while it also has operations in New York, the U.K. and the Bahamas.Moody\u2019s reaffirms Genting credit rating (Moody\u2019s)"} | |
| {"url": "https://agbrief.com/news/malaysia/17/09/2021/genting-malaysia-reopening-likely-imminent-uob-kay-hian/", "title": "Genting Malaysia reopening likely \u201cimminent\u201d : UOB Kay Hian", "body": "-Genting Malaysia has not yet reopened its casinos, but the permission to resume operations is expected to be \u201cimminent,\u201d local brokerage house UOB Kay Hian wrote in a note.The country\u2019s number forecast operators (NFOs), akin to lottery shops, were permitted to restart from Sept. 15 and the brokerage expects a swift recovery due to pent-up demand.\u00a0\u201cWith the nation\u2019s encouraging vaccination milestones, we are optimistic that the NFOs will chart an uninterrupted swift earnings recovery and meaningful capital appreciation,\u201d local media reported the firm as saying.\u00a0\u201cInvestors will again be attracted to the sector\u2019s compelling risk-reward return, resilient cash flows and more than 6.6 percent lucrative yield. Maintain overweight,\u201d it said.The analysts said they expected to see a steep earnings recovery from 4Q21 onwards as vaccination rates improve. About 54 percent of the population have received both jabs.\u00a0Malaysia\u2019s two listed NFOs are Berjaya Sports Toto and Magnum.Resorts World Genting, the country\u2019s only integrated resort, has been closed since May 31 due to a spike in Covid cases in Malaysia.\u00a0UOB Kay Hian has an overweight rating on the gaming sector.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/07/12/2020/easing-of-travel-restrictions-to-boost-genting-malaysia/", "title": "Easing of travel restrictions to boost Genting Malaysia", "body": "-The Malaysian government\u2019s easing of travel restrictions to allow inter-state travel from Dec. 7th should provide a boost to visitation to Genting Malaysia, UOB Kay Hian Malaysia Research says.Interstate travel to boost Genting Malaysia (The Star)"} | |
| {"url": "https://agbrief.com/news/malaysia/29/09/2021/genting-highlands-tourism-bubble-suspended-after-pm-intervention/", "title": "Genting Highlands tourism bubble suspended after PM intervention", "body": "-The tourism bubble at Tioman Island and Genting Highlands, which was scheduled to begin on October 1 has been suspended, according to Tourism Pahang general manager Kamaruddin Ibrahim.Kamaruddin said the decision was made during a recently held special meeting with the Malaysian National Security Council (MKN), which was chaired by Prime Minister Datuk Seri Ismail Sabri Yaakob, who said that the reopening of island resorts and tourism centers and interstate travel would only be allowed once the vaccination rate of the country\u2019s adult population reaches 90 percent. Until then, those travelling to both Tioman Island and Genting Highlands will only be allowed for fully vaccinated residents of Pahang from approved locations under Phase 3 of the National Recovery Plan. Kamaruddin said that the reopening for both locations to those outside of the state is expected to be officially announced by the prime minister at a later time.\u201cThis may take another two or three more weeks, or whenever the vaccination rate of the country\u2019s adult population has reached 90%,\u201d he added. \u201cFor the out-of-state tourists who have already made reservations, we ask that they contact the tourism operators for advice, either to postpone their trip or otherwise.\u201d"} | |
| {"url": "https://agbrief.com/news/malaysia/25/06/2021/gentings-lim-super-confident-on-u-s-business-will-seek-listing/", "title": "Genting\u2019s Lim \u201csuper confident\u201d on U.S. business, will seek listing", "body": "-Genting Chairman Lim Kok Thay said he\u2019s \u201csuper confident\u201d about the future of the company\u2019s U.S. assets and will seek a listing when business improves.\u201cThere\u2019s unmet demand as people had stayed home for so long, and now the increase in vaccination and falling cases have given consumers the confidence to spend again,\u201d Lim said in an interview with Bloomberg Television on Friday. \u201cThe group is \u201csuper confident\u201d on its projects in the U.S. and would look to list the business when the numbers pick up and investor confidence returns, he said.\u201dLim was speaking after the opening of Genting\u2019s $4.3 billion, Resorts World Las Vegas on Thursday.Bloomberg"} | |
| {"url": "https://agbrief.com/news/malaysia/13/10/2021/genting-malaysia-injects-150-million-of-capital-in-empire-resorts/", "title": "Genting Malaysia injects $150 million of capital in Empire Resorts", "body": "-Genting Malaysia on Monday announced it has injected another $150 million of equity into its U.S.-based Empire Resorts.Empire Resorts owns and operates Resorts World Catskills, a casino resort which is located in Sullivan County, New York, approximately 90 miles from New York City, as well as the Monticello Raceway, a horse racing facility located in Monticello, New York.Genting said it has injected funds via a subscription agreement to subscribe up to US$150 million of additional Series L.\u00a0It said the proceeds from the Series L will be utilized by Empire to facilitate its long-term financing plan.\u00a0Genting\u2019s latest injection follows similar capital injection moves in March 2020 of $40 million, September 2020 of $150 million and March 2021 of another $20 million.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/10/03/2021/malaysia-arrests-high-ranking-businessman-for-bribery-in-gambling-case/", "title": "Malaysia arrests high-ranking businessman for bribery in gambling case", "body": "-The Malaysia Anti-Corruption Commission has arrested a high-ranking businessman suspected of accepting bribes worth RM300,000 for help in releasing 22 Chinese nationals held in an online gambling bust. The man carried the title of \u201cDatuk Seri,\u201d which denotes a high rank.MACC arrests businessman with \u201cDatuk Seri\u201d title in RM300,000 bribery case (Malay Times)\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/29/09/2021/berjaya-corp-4q-revenue-jumps-137-2-on-more-draws/", "title": "Berjaya Sports 4Q revenue jumps 137.2% on more draws", "body": "-Malaysia\u2019s Berjaya Sports Toto said revenue in 4Q21 ending June 30th jumped 137.2 percent, helped by an increased number of draws for its Sports Toto unit.\u00a0Revenue for the period was RM475.1 million ($113.5 million). During the quarter there were 28 draws in its 4-D numbers forecasting business, compared with only 6 in the prior year period, which was affected by the country\u2019s first round of Covid lockdowns.\u00a0The group reported a pre-tax profit of RM49.2 million in the current quarter as compared to a pre-tax loss of RM45.5 million in the corresponding quarter of the previous year.Berjaya said its U.K. luxury car business had also seen an improvement, with revenue up 72.4 percent.\u00a0For the year as a whole, the company said revenue and pre-tax profit gained 4.2 percent and 24.1 percent respectively.\u00a0\u201cThe prolonged lockdown and irregular business disruptions had dampened consumer sentiments and excitement from the draws as well as caused a change in the punters\u2019 spending behaviour,\u201d it noted."} | |
| {"url": "https://agbrief.com/news/malaysia/01/06/2023/genting-and-nagacorp-bosses-amongst-top-10-richest-billionaires-in-malaysia/", "title": "Genting and NagaCorp\u00a0bosses amongst Top 10 richest billionaires in Malaysia", "body": "-The two moguls are also the only classified billionaires in Malaysia who have businesses deeply related to gambling and casinos.\u00a0Chen Lip Keong, founder of NagaCorp, was classified as the 7th richest individual in the nation, with a net worth of $2.8 billion. According to Forbes, Malaysia\u2019s 8th richest person is the well-known Genting Group boss Lim Kok Thay \u2013 with a wealth of $2.3 billion.\u00a0Chen Lip Keong won a contract to operate a casino in Phnom Penh in 1994. That casino, NagaWorld, eventually built Chen\u2019s fortune. NagaWorld was Cambodia\u2019s first casino and has a license to operate until 2065. It has a guaranteed monopoly within a 200-kilometer radius of Phnom Penh until 2045, effectively meaning that it will be the only casino company in the Cambodian capital until the period expires.NagaWorld is the largest casino resort in the Mekong region and has played an important role in Cambodia\u2019s tourism economy.Its parent company, NagaCorp, was listed on the Hong Kong Stock Exchange in 2006, becoming the first casino group with operations in Cambodia to do so.Lim Kok Thay is the Chairman and CEO of Genting, a Malaysian company known for its businesses and luxury brands in the leisure and hospitality sector.Lim\u2019s Genting Singapore operates the famous Resorts World Sentosa, one of only two integrated resorts licensed to operate in the city.Genting also operates the only licensed casino in Malaysia. The group also operates in the United States and is attempting to secure a New York casino license.Lim was also the chairman and CEO of Genting Hong Kong, Asia\u2019s largest cruise operator, until his resignation in January of last year after the\u00a0company filed for liquidation\u00a0because of losses caused by the collapse of its shipbuilding arm.Genting Hong Kong de-listed in mid-May from Hong Kong exchanges.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/19/05/2021/genting-malaysia-stock-drops-5-as-covid-cases-surge/", "title": "Genting Malaysia stock drops 5% as Covid cases surge", "body": "-Stock in Genting Malaysia ended the day five percent lower on Wednesday after the country reported a record spike in Covid cases, triggering calls for a stricter lockdown.Genting Malaysia owns the Resorts World Genting property, which as of the time of writing remains open.Malaysia reports record daily covid cases as pressure mounts (Bloomberg)"} | |
| {"url": "https://agbrief.com/news/malaysia/19/07/2023/maybank-cuts-eps-expectations-for-genting-as-slow-recovery-in-foreign-visitor-arrivals-in-malaysia/", "title": "Maybank cuts EPS expectations for Genting as slow recovery in foreign visitor arrivals in Malaysia\u00a0", "body": "-In a Wednesday note, Maybank said it had cut Genting\u2018s earnings per share (EPS) by 24 percent for FY23 and 8 percent, 5 percent for FY24 and FY25, respectively.\u00a0Analyst Yin Shao Yang said that \u201cWe still expect earnings to recover to FY19 levels by FY25. Thus, we opine that our investment thesis on Genting as a post-COVID recovery play still holds\u201d, despite trimming the earning forecast for both Genting Malaysia and Singapore.The Investment Bank maintains a \u201cBuy\u201d rating on Genting\u2018s shares due to the gradual recovery of the Malaysian ringgit as the analyst believes that the Malaysian currency recovery is a positive factor for the company\u2019s valuation.\u201cWe continue to like it fundamentally as a post-COVID recovery play. More than a decade of historical data tells us that the recovering Malaysian ringgit is a share price catalyst. GENT now scores higher in our proprietary ESG scoring methodology at 59 (46 previously).\u201d, it wrote.Yang also notes that ROEs have fallen from >10% pre-FY12 to <10% post-FY18 due to Resorts World Sentosa in Singapore \u201cbeing pressured by the weak Chinese economy\u201d.Regarding swing factors for the company\u2019s performance, Maybank mentions that the mass market mix tilting towards the mass market will expand margins due to fewer commissions and rebates. And as Genting Malaysia is expanding RWG via Genting Integrated Tourism Plan (GITP), it is expected to have higher visitor arrivals to RWG as GITP\u2019s purpose is to attract more high-margin mass market gamblers.The report also notes that there are still bad debt issues, as the Chinese account for most of Genting Singapore and Genting UK VIPs, but gambling debts are not enforceable in China.\u00a0\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/24/01/2022/genting-malaysia-says-preparations-underway-for-skyworlds-theme-park/", "title": "Genting Malaysia says preparations underway for SkyWorlds theme park", "body": "-Genting Malaysia says that \u201cpreparations are underway\u201d for the opening of its Genting SkyWorlds outdoor theme park, which it describes as a key growth initiative for the integrated resort.\u00a0However, the company did not specify when it would open to the public, leaving analysts the role of predicting its opening date.\u00a0Earlier this month, analysts from Maybank forecasted the theme park to open sometime in February to coincide with Chinese New Year.\u00a0More recently, Affin Hwang Investment Bank said it expected the theme park to open in the first quarter of 2022.\u00a0According to The Edge Markets, the analysts said there is a \u201chigh likelihood\u201d of the theme park\u2019s 1Q22 opening, but added that it does not expect the opening to be a re-rating catalyst for Genting Malaysia shares.\u00a0\u201cAs the park would be operating at a capped capacity below its 20,000 visitors/day capacity due to social distancing requirements, the park would be operating at a loss, based on our forecast.\u00a0\u201cAs such, the impact from the increased overall visitation might be limited, but it would help raise the average spend per visitation,\u201d said analyst Ng Chi Hoong.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/03/03/2021/genting-malaysia-asks-staff-for-another-round-of-pay-cuts/", "title": "Genting Malaysia asks staff for another round of pay cuts", "body": "-Genting Malaysia is asking staff to take temporary pay cuts of between 15-20 percent as it seeks to cut costs amid ongoing Covid shutdowns, Bloomberg reports citing an internal memo.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/07/04/2021/gentings-domestic-demand-to-help-fuel-recovery/", "title": "Genting\u2019s domestic demand to help fuel recovery", "body": "-Genting Malaysia benefits from strong support from its domestic market, which means it\u2019s better positioned for a faster post-pandemic recovery, Fitch Ratings said.The ratings agency expects Genting\u2019s EBITDA to return to pre-pandemic levels and its net debt to EBITDA to fall below 3x by end 2022.In Q3, the company\u2019s operations\u2019 revenue and EBITDA reached 66 percent and 79 percent of Q3, 2019 levels. Although the resort has since been hit by new movement controls due to outbreaks of Covid, Fitch said that the jump in GGR when there are no travel bans shows resilient domestic demand.\n\n\n\n\n\n\n\n"} | |
| {"url": "https://agbrief.com/news/malaysia/03/06/2022/genting-group-u-s-ggr-improving-in-april-nomura/", "title": "Genting Group U.S. GGR improving in April: Nomura", "body": "-Genting Group\u2019s U.S. operations saw an improving trend in gross gambling revenue in April, according to research from Nomura.\u00a0Genting owns Resorts World Las Vegas directly, while its Genting Malaysia unit operates Resorts World New York City and has a 49 percent state in Resorts World Catskills.The firm said the New York property has gross gambling revenue of $226 million in the three months to end April. That was up 13 percent year-on-year and 11 percent sequentially. It saw a slight dip in April revenue of 1 percent, likely due to a smaller number of video gaming machines in operation. The group had 150 less machines than in the prior three-month period.The Catskills resort recorded three-month GGR of $54 million, up 40 percent year-on-year and 1 percent sequentially. It saw a major rebound in April, with GGR up 41 percent over the same month a year earlier and 24 percent higher than the prior month.Resorts World Las Vegas doesn\u2019t report monthly revenue, so Nomura takes overall Las Vegas Strip revenue as an indicator. GGR there was $1.9 billion, up 45 percent year-on-year, but down 2 percent sequentiallyh. In April, GGR was up 23 percent on an annual basis.Nomura said it is reiterating its buy rating on Genting Malaysia with an unchanged share price of MYR3.60, some 18 percent higher than current levels.\u00a0\u201cWe think the next catalyst for the stock will be an increase in visitor arrivals for the rest of the year, which should help improve earnings.\u201d\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/08/11/2021/new-york-casino-may-add-145m-in-net-profit-to-genting-malaysia/", "title": "New York casino may add $145m in net profit to Genting Malaysia", "body": "-Genting Malaysia would likely see a $145 million boost to net profit per annum should it be granted a casino license for New York State, Maybank Research said. The New York State Gaming Commission has launched a request for information for three downstate casino licenses. The RFI is looking for interest from parties on the appropriate size and scope of casino developments in the area, the value of the gaming license and the process that should be used in any award consideration.The deadline for responses to the RFI is Dec. 10, 2021. The regulator will prepare a report for the New York governor and state legislature within the following six months. Maybank argues that Genting is in a good position to win a license, which will be the \u201cultimate prize\u201d for the company. At present, Genting\u2019s Resorts World New York is only able to offer slot machines.\u201cWe opine that RWNYC will have an edge as it can deploy table games and generate additional tax revenue for New York State quickly as opposed to a greenfield casino,\u201d it said.In addition to the boost to net profit, Maybank said a full casino license may add MYR0.53 to its discounted cash flow-based target price for Genting Malaysia. This would take its best-case scenario target prices to MYR3.93, compared with its share price of MYR3.17 on Monday. Genting has seen a strong rebound in its North American operations since Covid, with revenue helping to offset the impact of the slow recovery seen in Asian operations.At\u00a0Resorts World New York City, three-month gross gambling revenue as of the end of August was $229 million, flat on the prior three months, but higher than pre-Covid levels, according to calculations from Nomura. The resort increased its video gaming machines to 6,444, just under a maximum capacity of 6,500.\u00a0Resorts World Catskills, which is 49 percent owned by Genting, has GGR of $60.9 million, up 30 percent from the prior three months, but 4 percent lower than the same period of 2019.\u00a0Data is not yet available for Gentings\u2019 $4 billion Resorts World Las Vegas, which\u00a0opened in mid-June.\u00a0However, Nomura points to strong state and city-wide data as a proxy. In Las Vegas, GGR for the period was $2.03 billion, up 24 percent sequentially and 21 percent higher than pre-Covid.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/01/08/2023/malaysia-reverses-plan-to-take-legal-action-against-meta-over-gambling-content/", "title": "Malaysia reverses plan to take legal action against Meta over gambling content", "body": "-According to Reuters, communications minister Fahmi Fadzil commented in an interview that following \u201cpositive\u201d engagement with the firm on tackling harmful content on the social media platform Malaysian authorities might not look into the group\u2019s operations after all.In June, the Malaysian Communications and Multimedia Commission (MCMC) said it would\u00a0take legal action\u00a0against Meta for failing to act against \u201cundesirable\u201d content relating to race, royalty, religion, defamation, impersonation, online gambling, and scam advertisements.Fahmi said Meta had since given a firm commitment to work with Malaysian authorities, including the regulator and the police, to tackle such posts on its platforms.\u201dI don\u2019t think MCMC needs at this point in time to initiate any legal action. I think this level of cooperation is very positive,\u201d he said, adding that the government was considering measures such as fines against social media platforms if they failed to tackle harmful content.Facebook is Malaysia\u2019s biggest social media platform, with an estimated 60 percent of the country\u2019s 33 million people having a registered account."} | |
| {"url": "https://agbrief.com/news/malaysia/26/05/2022/genting-malaysia-posts-1q22-ebitda-profit-as-revenue-surges/", "title": "Genting Malaysia posts 1Q22 EBITDA profit but results weaker-than-expected", "body": "-Genting Malaysia said it had swung back to profit at the EBITDA level in 1Q22 as revenue surged by three times following the lifting of Covid restrictions, but the results missed expectations.The company posted EBITDA of RM414.4 million ($94.2 million), compared with a loss on that level of RM110.4 million a year earlier. The group\u2019s net loss narrowed by 70 percent to RM147.9 million, while revenue surged to RM1.72 billion.\u00a0The results missed expectations from J.P. Morgan for EBITDA of RM450 million and were weaker than the prior quarter. In an announcement to Bursa Malaysia, Genting reported an improvement in all of its worldwide business segments as Covid restrictions eased from the prior year. It said it was positive on the long-term outlook for the leisure and hospitality segment, even though in the short term supply issues, pressure on global economic growth and lingering Covid concerns may weigh.Genting is the operator of the only casino in Malaysia, Resorts World Malaysia, which forms the largest part of its business. It also has operations in the U.K., Egypt, New York state and the Bahamas.\u00a0In Malaysia, where the group has just completed a revamp of the property, revenue more than tripled to RM920 million.In the U.K. and Egypt revenue was more than 10 times higher that 1Q21 at RM395.3 million, while the operations returned to an adjusted EBITDA profit of RM84.7 million, from a loss of RM51.7 million a year earlier.\u00a0The business in the U.S. and Bahamas recorded a 40 percent increase in revenue to RM357.9 million, helped mostly by Resorts World New York City which operated without Covid restrictions throughout the period. Genting said the New York property reached gross gaming revenue that was close to pre-pandemic levels.\u00a0The group\u2019s associate company in the US, Empire Resorts, recorded similar improvements in its operating performance in 1Q22, with gross gaming revenue at Resorts World Catskills surpassing pre-pandemic levels.\u00a0Genting is scheduled to open a new video gaming facility in Orange County, known as Resorts World Hudson Valley, later this year. The group said the development is progressing well and the \u201cemphasis continues to be placed on its timely completion.\u201d\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/14/12/2020/genting-malaysia-stock-hits-9-month-high/", "title": "Genting Malaysia stock hits nine-month high", "body": "-Shares in Genting Malaysia rose nearly 5 percent on Monday, hitting their highest level in nine months, on expectations the government\u2019s easing of restrictions on interstate travel will benefit the casino operator.Quick take: Genting hits 9-month high (The Star)"} | |
| {"url": "https://agbrief.com/news/malaysia/08/03/2022/m88-mansion-appointed-as-official-betting-partner-of-badminton-world-federation/", "title": "M88 Mansion appointed as official betting partner of Badminton World Federation", "body": "-M88 Mansion has been appointed as the official betting partner of the Badminton World Federation (BWF).The three-year deal will grant M88 Mansion an enhanced brand awareness across the Asian sports betting market via utilisation of exclusive digital assets and marketing collaterals across digital platforms, as well as access to player content.Carlos Lopez, Creative Director of M88 Mansion, stated: \u201cWe are very much delighted and thrilled to partner with BWF over the next three years. Badminton is recognised as a worldwide sport and has a fast-growing audience not only in Asia but globally. Joining forces with BWF will help elevate the connection between M88 Mansion and its Asian followers to expand its brand visibility in the region. We believe that this partnership will create compelling and sustainable value for both parties.\u201dAccording to Owen Leed, BWF Commercial and Communications Director, the strategic partnership between BWF and M88 Mansion will strengthen the profile of badminton worldwide.\u201cWe are excited to announce our partnership with online betting platform M88 Mansion as we look to strengthen the sport\u2019s profile globally,\u201d Leed said.The deal was brokered by BWF\u2019s Commercial and Broadcast partner, Infront, with the assistance of Outlast Sports and Entertainment.\u00a0\u201cThis is just the start of the evolution of the engagement of the sports fans by M88 Mansion. Expect more exciting things in the coming months together with BWF,\u201d said Outlast CEO Salauddin SS.The partnership encompasses the following tournaments:"} | |
| {"url": "https://agbrief.com/news/malaysia/04/06/2021/genting-berhad-boss-out-of-malaysias-top-10-richest/", "title": "Genting boss out of Malaysia\u2019s top 10 richest", "body": "-Genting Berhad\u00a0Chairman Lim Kok Thay slipped out of the top ten list of Malaysia\u2019s wealthiest tycoons as the pandemic took its toll on the casino business, while Nagacorp head Chen Lip Keong also took a dip in the rankings, compiled by Forbes.Lim went from 7th position with a fortune of $3.2 billion to 11th with $2.55 billion, while Chen slipped from fourth with $5.3 billion to 7th with $3.2 billion.Wealth of Malaysian on Forbes top 50 list rebounds after two year decline (Forbes)"} | |
| {"url": "https://agbrief.com/news/malaysia/27/01/2022/malaysia-opposition-seeks-explanation-of-how-genting-h-k-got-unsecured-loans/", "title": "Malaysia opposition seeks explanation of how Genting H.K. got unsecured loans", "body": "-Malaysia\u2019s opposition leader has called on the finance minister to explain how three of the country\u2019s banks were able to provide RM2.5 billion ($600 million) in unsecured loans to Genting Hong Kong, which has filed for bankruptcy protection.\u00a0Maybank, CIMB and RHB Bank were some of the cruise ship operators\u2019 main unsecured lenders, local media reports.\u00a0In a post on his official Facebook page, Anwar Ibrahim said the banks risk losing billions of ringgit due to the collapse of Genting.\u201cI urge the finance minister to immediately answer why these banks were allowed to give Genting Hong Kong unsecured loans?\u201d he said. \u201cThe government, through Permodalan Nasional Berhad (PNB), Khazanah, and the Employees\u2019 Provident Fund (EPF), are the largest shareholders of these three banks.\u201cHow could this gambling company get an unsecured loan so easily?\u201dAnwar continued that although the company is registered in Hong Kong, it is owned by a Malaysian and therefore he should have been asked for his personal guarantee, or a guarantee against his Malaysian assets.Billionaire businessman Lim Kok Thay stepped down as chairman and chief executive on Jan 24th after Genting Hong Kong filed for bankruptcy in Bermuda.\u00a0Lim is chairman of Malaysia\u2019s sprawling Genting Group and the second son of Lim Goh Tong, who founded the conglomerate.Genting H.K. was plunged into financial difficulties after Covid forced the shutdown of the global cruise industry. It agreed a financial restructuring package with creditors last May. However, that unravelled after the German state of Mecklenburg Vorpommern failed to provide an agreed $88 million backstop facility unless the company agreed to further conditions on the financing.The action triggered the insolvency of one of the group\u2019s German shipyards, which in turn led to a series of cross defaults putting some $2.7 billion in debt at risk."} | |
| {"url": "https://agbrief.com/news/malaysia/04/02/2021/resorts-world-genting-extends-closure-to-feb-18/", "title": "Resorts World Genting extends closure to February 18", "body": "-Genting Malaysia\u2019s Resorts World Genting said it\u2019s extending the closure of its property until February 18 due to the extension of movement control orders in the country.Resorts World Genting statement"} | |
| {"url": "https://agbrief.com/news/malaysia/01/04/2022/genting-u-s-revenue-picks-up-in-feb-asia-opening-to-be-new-catalyst/", "title": "Genting U.S. revenue picks up in Feb., Asia opening to be new catalyst", "body": "-Genting Group\u2019s U.S. revenue picked up in February as Covid concerns eased, while the group is likely to start seeing growth in its Asian operations as borders reopen, Nomura says.The group\u2019s Resorts World New York City had three-month gross gambling revenue of $204 million through to end-February, which was down 9 percent for the same period pre-Covid. However, in February, GGR rose 8 percent from the prior month at the facility, which offers 6,447 video gaming machines.\u00a0It was a similar story at Resorts World Catskills, where GGR was down 14 percent sequentially on a three-month basis at $52 million but was up 8 percent month-on-month in February. The three-month figure was down 1\u00a0 percent on the pre-Covid level.Nomura notes that it doesn\u2019t have monthly data for Resorts World Las Vegas, which opened last summer, but Las Vegas Strip revenue saw a 13 percent decline sequentially, though was up 72 percent year-on-year and was 3 percent higher than the same months in 2019/2020.\u201cThe surge in Omicron variant-linked Covid cases and the winter months impacted GGR in Jan\u201922. However, GGR improved m-m in Feb\u201922 as the case count reduced. Cases continue to fall in Mar\u201922, and therefore we expect momentum to improve further,\u201d Nomura said in a note.The firm has a buy rating on Genting Malaysia with a price target of MYR3.50, which implies an 18 percent upside. It is neutral on parent company Genting Bhd.\u00a0\u201cWe think the next catalyst for the group will be the start of inbound international tourism in its home markets (Malaysia/Singapore). Malaysia has reopened its borders from April 1, and Singapore too continues to relax visitation restrictions.\u201dThe Genting Group operates casinos in the U.S., Singapore, Malaysia, the U.K., the Philippines and Egypt.Its U.S. operations were the focal point last year, with the North American gaming market staging a strong comeback while Asia remained mostly closed. Singapore and Malaysia also recently reopened their land border, which has historically been a key source of visitation for the island state.Analysts at Bernstein said Genting Singapore is expected to show revenue and profit growth over the rest of 2022 and 2023 as Singapore and neighboring countries continue to open up to international travel.The Philippines are also now operating at full capacity and industry observers say they are seeing a strong recovery. International borders have reopened, although locals are permitted to gamble, making it one of the Asian markets with the strongest fundamentals.\u00a0In the U.S., Genting is eyeing further expansion and is seen as one of the top contenders should New York push ahead and issue casino licenses for the downstate area.\u00a0"} | |
| {"url": "https://agbrief.com/news/malaysia/06/11/2020/fitch-compares-casino-risk-as-genting-gets-cut-again/", "title": "Fitch compares casino risk as Genting gets cut again [TGIF]", "body": "-The ongoing pandemic is keeping the ratings agencies on their toes as they seek to assess the impact of the slower-than-expected recovery on the balance sheets of operators which made significant capital commitments back when the future had looked bright.This week it was the Genting Group\u2019s turn once again to feel the sharp end of Fitch Ratings\u2019 pen, with its outlook downgraded to \u201cnegative\u201d from \u201cstable.\u201d It\u2019s the second time in a month that Fitch has tweaked its verdict on Genting, having actually cut its long-term issuer default rating to BBB from BBB+ on October 16.Fitch says the latest revision reflects the risks around Genting\u2019s ability to cut leverage back to 3x by the end of 2023.\u00a0\u201cThe Negative Outlook captures the risk of a much slower gaming recovery than our current forecast such that Genting\u2019s leverage is elevated for an extended period,\u201d it said. \u201cThis may result from recurring waves of infection, leading to intermittent border closures and continued strict social distancing.\u201dGenting has properties across the globe and is scheduled to open another in Las Vegas in summer next year. While its Genting Malaysia resort has seen strong local visitation to support revenue, its property in Singapore is heavily reliant on foreign visitation and borders remain largely closed to the island.Its casinos in the U.K. had reopened, but have been forced to shut again as a second coronavirus wave sweeps across Europe and Resorts World Bimini in the Bahamas also remains shut.\u00a0Fitch forecasts Genting Singapore\u2019s EBITDA won\u2019t return to pre-pandemic levels until 2023, compared with a previous forecast of 2022. The full ramp up of RWLV is now expected to be delayed until 2024, versus a previous forecast of 2023.All of which points to little wiggle room to cut debt.\u00a0As well as completion of RWLV, the company has committed to an SG$4.5 billion expansion in Singapore, is completing investments under a 10-year plan in Malaysia and is adding a new hotel at its Resorts World New York Casino next year.\u00a0To be sure, Genting\u2019s not the only company under Fitch\u2019s ratings spotlight. It\u2019s interesting reading to look at the comparative ratings and the explanations for the assessment.For example, Genting and Australia\u2019s Crown Resorts have the same risk profile and are rated at the same level. Genting has larger operations and greater geographical diversity, but Crown has a stronger financial profile and is seen as being able to deleverage back to 1x by June 2022, helped by a strong domestic market.However, Crown\u2019s negative outlook stems from its weak corporate governance structure, which was on full display again this week as the suitability inquiry in New South Wales heard closing arguments.There, counsel arguing the case have put forward that the company is \u201cunsuitable\u201d to hold its Sydney license prompting New South Wales Premier Gladys Berejiklian to seek advice on whether she can force the company to delay the opening of its $2.2 billion Barangaroo casino.She has said that she may allow facilities, such as the hotel and restaurants to open, but potentially not the gaming operations pending the ultimate decisions by regulators on the license issue.When it comes to U.S. casino giant Las Vegas Sands, Genting has a higher rating. That\u2019s due to a more diversified gaming operation and its past record of maintaining a more conservative balance sheet.LVS is highly reliant on Macau, where there are risks around concession renewal in 2022. That dependence looks set to rise still further as the company is seeking to sell off its Las Vegas assets. Still, if it manages to raise the $6 billion price tag for the Venetian and Palazzo, it will have plenty of scope for debt reduction, or indeed further expansion.While some analysts had warned that the company may find it hard to find buyers given the impact of the pandemic on corporate balance sheets, two companies came forward this week to say that\u2019s not the case.MGM Growth properties said it still sees significant potential in Las Vegas and that it does think that amount of capital could be deployed. Executives on a call didn\u2019t say whether or not they have initiated talks. Vici Properties was another that put up its hand."} | |